ETH confirmed a nice break out of ascending triangle which is shown on chart (red lines). The bullish confirmation pushed the price to almost $280 region where is the next resistance level on daily chart. The price will probably fulfil the gap from September last year (marked green), where ETH lost almost $100 in week time. I expect some volatility around this region $250-280.
Currently ETH is in overbought FOMO mode trending higher. There is still some bullish momentum but its fading slowly so be careful at next moves. Don’t chase the price higher. Looking at bigger time frame, the price is still making higher lows from beginning of the year, which is optimistic for next moves higher. ETH could test the support area (marked green) once again, before continue move up again.
To better understand the price movement, you have to look for patterns.
History repeats and you don’t want to miss out the moves we seen in last week.
The ascending triangle is a bullish formation that usually forms during an uptrend as a continuation pattern. There are instances when ascending triangles form as reversal patterns at the end of a downtrend, but they are typically continuation patterns. Regardless of where they form, ascending triangles are bullish patterns that indicate accumulation.
Currently ETH is in overbought FOMO mode trending higher. There is still some bullish momentum but its fading slowly so be careful at next moves. Don’t chase the price higher. Looking at bigger time frame, the price is still making higher lows from beginning of the year, which is optimistic for next moves higher. ETH could test the support area (marked green) once again, before continue move up again.
To better understand the price movement, you have to look for patterns.
History repeats and you don’t want to miss out the moves we seen in last week.
The ascending triangle is a bullish formation that usually forms during an uptrend as a continuation pattern. There are instances when ascending triangles form as reversal patterns at the end of a downtrend, but they are typically continuation patterns. Regardless of where they form, ascending triangles are bullish patterns that indicate accumulation.