Looking at ETHUSD on the daily timeframe, we see that ETH is still trading inside a descending channel , but more importantly, the price is now trapped inside a symmetrical pattern which I see as part of a bear flag pattern.
If we extrapolate a measured move for this bear flag pattern, we get a bearish target at around $811. This bearish target also corresponds with the fibonacci 161.8% level.
However, before we see this much more downside, which will be another 40% drop from the current price, there are two important resistance levels to keep an eye on.
Our first (technical) resistance sits at around $1100, which is the bottom of the descending channel and where the long (yellow) ascending line is.
Our second (fundamental) resistance is the $970-$870 levels.
It is interesting to watch if ETH can break above the $1350 level and if yes we will go to the fibonacci golden pocket which is at $1419-$1438.
Thanks for reading, and stay tuned. Enjoy.
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Eth broke bullish out of this symmetrical triangle. measured target is around $1500.
I agree with the price target. Mine is at 1000 USD and 900 USD.
EdgarTigranyan
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@Tradersweekly, I think we will see $1100 level next week.
Tradersweekly
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@EdgarTigranyan, I also expect it to come soon. Thank you for the feedback.
Brother-Doug
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Nice write up, I saw and called the same thing for Chainlink on Sept 9th 👍
EdgarTigranyan
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ETH price broke bullish out of this symmetrical triangle. We have a measured target at around $1500. The fib golden pocket at 1420. Fake out or not we will find out soon.