Hi everyone! Welcome to this analysis on Ethereum!
As you can see on my chart, the price is in an Ascending Channel. At the same time, Ethereum just finished forming an Inverse Head and Shoulder pattern. These are technical signals of an uptrend.
At the moment, ETH is trading at $529, retracing from a day high of $545. If the price breaks out of the resistant line at $550, the uptrend will be confirmed. On the other hand, if it falls under $500, expect the price will go down to the next support which is around $450.
So the best thing to do now is to wait for confirmation.
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
As you can see on my chart, the price is in an Ascending Channel. At the same time, Ethereum just finished forming an Inverse Head and Shoulder pattern. These are technical signals of an uptrend.
At the moment, ETH is trading at $529, retracing from a day high of $545. If the price breaks out of the resistant line at $550, the uptrend will be confirmed. On the other hand, if it falls under $500, expect the price will go down to the next support which is around $450.
So the best thing to do now is to wait for confirmation.
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***