ETH/USD - Mini-rally and possible outcomes

KRAKEN:ETHUSD   Ethereum / U.S. Dollar
Hello, Traders!

One of the suggested reasons why this mini-rally has taken place was because of the soon to be released ETH2.0. With the new ETH event set to take place by the end of 2020, the cryptocurrency community is getting excited over the new possibilities which ETH2.0 offers. One of the main features of ETH2.0 is increased scalability. Scalability is still a significant issue for Ethereum , with major network issues occurring during the ETH bull run in 2017/2018. However, the new updates for ETH which have been in the works for years are said to solve this problem through ETH sharing.

As can be demonstrated above, ETH broke positively out of an ascending triangle formation. This formation had formed over 72 days and has numerous points of contact – increasing the validation of the triangle.

The price is still bullish , so if you haven't bought ETH yet, you still have time, yet, remember the bullish targets to watch out for.

The bullish target is 328 USD.

The first bearish target is $288 USD. This would be a simple retracement to test the support. A move down to $288 is definitely possible although would go against the current ETH indicators.

The second bearish target is $246 USD. The likelihood of this occurring is very low, it goes against the indicators and formations.

Watch out for the market and good luck!

P.S. Did you buy any ETH recently?

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