Ethereum COINBASE:ETHUSD is forming a conglomeration of bullish patterns amid a strong uptrend that continues to show chic preconditions for further growth.
On W1, the price forms a retest of the resistance of the uptrend range. The price successfully fixes above the strongest support zone 2041 and in fact the bulls define for themselves the lower boundary of the range, beyond which they have no right to let the price go. The area of 2300 is important for us in the medium term. This level shields us from a new range with the width of 55% of the price movement. I've seen two scenarios on the 4H timeframe. But first we should pay attention to such nuances as: bullish trend (strong), ascending triangle, the breakout of which continues to influence the price formation, as well as the bullish pattern "flag", which can be interpreted as: correction on the bullish trend before the continuation of growth.
Support levels: 2190, 2131, 1980 Resistance levels: ascending resistance line and 2030
On the background of the retest, a false support breakdown is formed and the market forms a pin-bar candlestick - a strong signal for further growth. In addition, the conglomerate of bullish patterns "ascending triangle" and "flag" also forms the expected bullish potential. In the near future we expect the realization of one of the above scenarios with further growth.
ETH will have "permission" to move much higher with the next 2 month candle coming right away for January. Bad moving averages have been anchoring it. It's been jerkhammering upwards for weeks, and the dips keep getting bought up.