Ethereum (ETH) Price Analysis: Triangle Breakout Alert!

Ethereum broke below the bottom of its symmetrical triangle consolidation on the 1-hour chart to signal that bearish moves are in the cards. Price might be due for a pullback to the broken support, which is close to a new descending trend line forming.

Applying the Fibonacci retracement tool on the latest swing high and low shows that the 61.8% level lines up with the trend line and area of interest near $290. This might be the line in the sand for a pullback on this selloff, as a move beyond the $300 mark could signal that bulls are charging again.

The 100 SMA is above the longer-term 200 SMA to indicate that the path of least resistance is to the upside. In other words, there’s still a chance for the uptrend to continue. At the same time, RSI is indicating oversold conditions and turning higher could bring buyers back in. Stochastic has reached oversold territory to reflect exhaustion among sellers and a possible takeover by bulls.

In that case, the correction could go on for a…