ETHEREUM (ETH/USD) Is Still On The "Rising Wedge"

Ethereum' trades currently between the two blue lines which are support and resistance. Resistance line at $236 has been before a support and now it become a resistance. Several times it has tried to break above that blue line but those attempts were unsuccessful. To break through this level we have to also fight with 200 EMA which start to work as a strong resistance (on the four-hour chart).

Ethereum shows nice short-term higher highs and higher lows since 25 Sept. this could show us that we have that market structure and that power to push the price upwards from the mentioned level and the next target would be at $260, around the minor trendline.

The current support line has been historically an S & R level and now it works again as a support level. To make this area even stronger then we trade above the 50 and 100 EMA's which also should start to work as support levels. If we break below that blue line and if we break below that major counter trendline then we have a bearish confirmation and the bearish confirmation is even stronger because we are on the continuation chart pattern called "Rising Wedge". The overall market trend is down and if Bitcoin' makes a breakout downwards from the triangle then definitely Ethereum' makes a breakout downwards from the "Rising Wedge" and probably the next stop would be around $200. So, be alerted when You see at least a four-hour candle close below the major counter trendline which also is the breakout from the continuation pattern "Rising Wedge"!!


Hopefully, those levels and this analysis helped You out a little bit to confirm your own analysis!
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