ETH/USD Is Preparing For its Retest of the Ascending Triangle

ETHUSD has just broken out its ascending triangle. However, at the resistance of $175 the bulls didn't manage to push the price through.

Currently, the bears are taking over again and the price is going lower towards the top of the ascending triangle, preparing for the retest.

There are two main scenarios here. Either the price will find support at the top of the triangle, and the price can prepare for a new test of the $175 resistance. Or the price can drop further and try to look for its second level of support around $145.

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Disclaimer!
This post does not provide financial advice. It is for educational purposes only!

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Comment:

The retest has happened! It seems like a very bullish rejection :D

Comment:

The bulls are in charge again! Sweet. The first level that is important again is the previous resistance of around 172. I expect the price to slowly grow towards that area and then we will see another decisive moment for ETH. Will the price on the second attempt break through?

Remember that with each attempt a support or resistance zone becomes weaker.