Ethereum Forming a Bullish Trend Reversal Pattern
Hello traders and investors!
Welcome to PrimeXBT’s special analysis of Ethereum, focusing on ETHBTC’s price action as well as the digital asset’s fundamental developments.
Fundamental News:
The Ethereum Foundation (EF) revealed that developers are working on a new implementation of the Vyper compiler, due to “multiple serious bugs” in the existing version. The Vyperlang team responded by noting that existing Vyper smart contracts were not affected by these bugs. Vyper is an alternative programming language for Ethereum originally conceived by Vitalik Buterin.
Technical Analysis:
Technical analysis of ETHBTC’s chart suggests that the trend may soon be shifting for ETH, as Ethereum's price is currently caught within a descending channel, while also forming a falling wedge that is a classic bullish reversal pattern.
Looking ahead, if bulls continue to push it above the key resistance level of 0.01885, other resistance levels are located at 0.01958, 0.02041. On the other hand, if the sellers push ETH beneath the current support level of 0.01695, other support levels are found at 0.01615, which is the lower boundary of the channel and the previous swing low level.
Meanwhile, the price of Ethereum is currently at 17636 SAT, and a spike in volatility could occur as its RSI has formed a bullish divergence, which often indicates that a bullish trend reversal is forming.
We only offer you the most valuable analysis each day.
Keep an eye out for more PrimeXBT trading signals for other assets.
Welcome to PrimeXBT’s special analysis of Ethereum, focusing on ETHBTC’s price action as well as the digital asset’s fundamental developments.
Fundamental News:
The Ethereum Foundation (EF) revealed that developers are working on a new implementation of the Vyper compiler, due to “multiple serious bugs” in the existing version. The Vyperlang team responded by noting that existing Vyper smart contracts were not affected by these bugs. Vyper is an alternative programming language for Ethereum originally conceived by Vitalik Buterin.
Technical Analysis:
Technical analysis of ETHBTC’s chart suggests that the trend may soon be shifting for ETH, as Ethereum's price is currently caught within a descending channel, while also forming a falling wedge that is a classic bullish reversal pattern.
Looking ahead, if bulls continue to push it above the key resistance level of 0.01885, other resistance levels are located at 0.01958, 0.02041. On the other hand, if the sellers push ETH beneath the current support level of 0.01695, other support levels are found at 0.01615, which is the lower boundary of the channel and the previous swing low level.
Meanwhile, the price of Ethereum is currently at 17636 SAT, and a spike in volatility could occur as its RSI has formed a bullish divergence, which often indicates that a bullish trend reversal is forming.
- Resistance Levels: 0.01885 , 0.01958, 0.02041
- Support Levels: 0.01695 , 0.01615
- Market Cap: $15 429 188 312 USD
- Volume (24h): $8 666 253 084 USD
- Circulating Supply: 109 221 736 ETH
We only offer you the most valuable analysis each day.
Keep an eye out for more PrimeXBT trading signals for other assets.
Trade active
Trade active:
Breakdown.
ETHBTC needs some further time to close above the ex-resistance level.
ETHBTC needs some further time to close above the ex-resistance level.
