The price of ETH soared in July. The market has risen by over 60 percent in just one month. From the technical point of view, the price has broken key resistance levels at the line drawn through the recent tops and also the resistance set by a previous high near 284 USD.
Looking at the whole structure since the end of 2018 we may spot a potential double bottom pattern. The key level at 363 USD for this pattern has been broken. The textbook target is set at around 644 USD.
The nearest potential support areas may be located at mentioned 363 and 284 USD.
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Daniel Kostecki, Chief Analyst Conotoxia Ltd.
Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.
79% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Looking at the whole structure since the end of 2018 we may spot a potential double bottom pattern. The key level at 363 USD for this pattern has been broken. The textbook target is set at around 644 USD.
The nearest potential support areas may be located at mentioned 363 and 284 USD.
________
Daniel Kostecki, Chief Analyst Conotoxia Ltd.
Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.
79% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.