Ethereum (ETH) technical analysis:
Trade setup: Bullish breakout from Falling Wedge pattern, above $1,600, which could signal that buyers have absorbed all the supply from sellers and price is ready to resume an uptrend. Upside potential to $1,800 horizontal resistance zone, which also lines up with 200-day moving average, making this a stiff resistance area.
Patterns: Falling Wedge Usually results in a bullish breakout. When price breaks the upper trend line the price is expected to trend higher. Emerging patterns (before a breakout occurs) can be traded by swing traders between the convergence lines; however, most traders should wait for a completed pattern with a breakout and then place a BUY order.
Trend: Neutral on Short-Term basis and Downtrend on Medium- and Long-Term basis.
Momentum is Bullish (MACD Line is above MACD Signal Line and RSI is above 55).
Support and Resistance: Nearest Support Zone is $1,600, then $1.500. The nearest Resistance Zone is $1,800 (previous support), then $2,000.
Trade setup: Bullish breakout from Falling Wedge pattern, above $1,600, which could signal that buyers have absorbed all the supply from sellers and price is ready to resume an uptrend. Upside potential to $1,800 horizontal resistance zone, which also lines up with 200-day moving average, making this a stiff resistance area.
Patterns: Falling Wedge Usually results in a bullish breakout. When price breaks the upper trend line the price is expected to trend higher. Emerging patterns (before a breakout occurs) can be traded by swing traders between the convergence lines; however, most traders should wait for a completed pattern with a breakout and then place a BUY order.
Trend: Neutral on Short-Term basis and Downtrend on Medium- and Long-Term basis.
Momentum is Bullish (MACD Line is above MACD Signal Line and RSI is above 55).
Support and Resistance: Nearest Support Zone is $1,600, then $1.500. The nearest Resistance Zone is $1,800 (previous support), then $2,000.