Ether (ETH) bounced off the psychological support at $2,500 on Feb. 22. The bulls have pushed the price above the breakdown level of $2,652, indicating strong buying at lower levels.
The buyers will now try to propel the price above the moving averages. If they succeed, the ETH/USDT pair could rally to the resistance line of the symmetrical triangle pattern. The bulls will have to push the price above the triangle to signal the start of a new uptrend.
Alternatively, if the price turns down from the moving averages, the bears will try to pull the pair below the support line of the triangle. If they manage to do that, it will suggest that the symmetrical triangle has acted as a continuation pattern. The pair could then drop to $2,159 and later to $2,000.
The buyers will now try to propel the price above the moving averages. If they succeed, the ETH/USDT pair could rally to the resistance line of the symmetrical triangle pattern. The bulls will have to push the price above the triangle to signal the start of a new uptrend.
Alternatively, if the price turns down from the moving averages, the bears will try to pull the pair below the support line of the triangle. If they manage to do that, it will suggest that the symmetrical triangle has acted as a continuation pattern. The pair could then drop to $2,159 and later to $2,000.