Ethereum makes smooth losses in the past 24 hours, but the currency pair still looks very promising as it established new highs during the weekend. We have adjusted the ascending trend line in order to make it more appropriate to the current situation.
What we can see on the 4H chart? The first thing that is clear is that the price goes along the green ascending trend line. This fact indicates on the probability of further upside tendency. The price reached the trend line on weekend but jumped over the resistance area at $473.39 and went higher later.
Currently we have some kind of a Flag pattern on the chart, but it is not a classic pattern analysis Flag that we used to trade. However, psychologically, this one is a consolidation after a bullish momentum and may lead to another significant price burst in the nearest future.
As for targets for this growth, we think that Ethereum is likely to reach $540.69 in the nearest future. However, the closest target is the resistance area at $500.36.
Is there any alternative scenario? If bulls are unable to drive ETH/USD higher, than bears will push it lower. We think that Ethereum will run lower in this case, targeting the support area at $543.29.
Checkthe full crypto analysis HERE>>>.
What we can see on the 4H chart? The first thing that is clear is that the price goes along the green ascending trend line. This fact indicates on the probability of further upside tendency. The price reached the trend line on weekend but jumped over the resistance area at $473.39 and went higher later.
Currently we have some kind of a Flag pattern on the chart, but it is not a classic pattern analysis Flag that we used to trade. However, psychologically, this one is a consolidation after a bullish momentum and may lead to another significant price burst in the nearest future.
As for targets for this growth, we think that Ethereum is likely to reach $540.69 in the nearest future. However, the closest target is the resistance area at $500.36.
Is there any alternative scenario? If bulls are unable to drive ETH/USD higher, than bears will push it lower. We think that Ethereum will run lower in this case, targeting the support area at $543.29.
Checkthe full crypto analysis HERE>>>.
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