UnknownUnicorn3838311

ETH, anothe big triangle in weekly chart, big move soon?

BITMEX:ETHUSD   ETHUSD Perpetual Futures Contract
HI, guys, another gloomy day for cryptos.

market continue the sliding torture, repeating pattern of last week. Bitcoin drop to 8000, which clearly is a key resistance level . ETH suffer less but show no vigor in the chart as well.

In the weekly chart, it looks like ETH is slowly sliding to the range between 160-165, which acts as a key supporting trendline in the broad picture. At the same time, over the last few months, ETH has staged two major rally in September and October. One can't imagine what happens if the key supporting range is smashed.

The weekly chart also shows a very big triangle is forming for the moment, and price stagnation, closing to the end of the triangle, will soon decide whether the big move is up or down.