ETH end of correction with potential for a breakout ?
Hi all,
ETH is still finding it to reach and break $230 as the overall bearish sentiment is making traders be careful with longs. The trading volumes are at their lowest point in 3 months, at around $5 billion on a 24-hour basis compared to $10 billion on June 2 for instances when the coin peaked at $253.
On the other hand, ETHUSD is in a symmetrical triangle right now, which is slowly, but surely going towards its point break. We can clearly see that the trading range is getting smaller with each move.
Looking at the smaller timeframes there is a rising wedge on the 4-h chart that can send us back down to $216-$200 support after we failed to print a new higher high.
This, however, won't change our general view of the trading pair, which is LONG
Going up to the weekly chart, I don't think we will go any lower than $220 in the current pullback. As you can see that level played a major role in the last 1 year. Here is the chart with important notes:
We can also see that the current correction move is already exhausted making smaller candle bodies with high amplitudes of trading price. My bet is we will see a breakout pretty soon, so buckle up
Cheers
ETH is still finding it to reach and break $230 as the overall bearish sentiment is making traders be careful with longs. The trading volumes are at their lowest point in 3 months, at around $5 billion on a 24-hour basis compared to $10 billion on June 2 for instances when the coin peaked at $253.
On the other hand, ETHUSD is in a symmetrical triangle right now, which is slowly, but surely going towards its point break. We can clearly see that the trading range is getting smaller with each move.
Looking at the smaller timeframes there is a rising wedge on the 4-h chart that can send us back down to $216-$200 support after we failed to print a new higher high.
This, however, won't change our general view of the trading pair, which is LONG
Going up to the weekly chart, I don't think we will go any lower than $220 in the current pullback. As you can see that level played a major role in the last 1 year. Here is the chart with important notes:
We can also see that the current correction move is already exhausted making smaller candle bodies with high amplitudes of trading price. My bet is we will see a breakout pretty soon, so buckle up
Cheers
