RATE Group | Ethereum (ETH) Price Watch: Still Waiting for a Triangle Breakout
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Ethereum (ETH) Price Watch: Still Waiting for a Triangle Breakout

20 Sep Ethereum (ETH) Price Watch: Still Waiting for a Triangle Breakout

Posted at 05:49h in Ethereum News by

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Ethereum Price Key Highlights

  • Ethereum has formed lower highs and higher lows to create a symmetrical triangle pattern on its 1-hour chart.
  • Price is currently bouncing off support and might be due for another test of the top.
  • Ethereum is also nearing the peak of the triangle pattern so a breakout might take place anytime soon.

Ethereum continues to consolidate in a symmetrical triangle on its 1-hour chart and might be due for a breakout soon.

Technical Indicators Signals

The 100 SMA is above the longer-term 200 SMA to signal that the path of least resistance is to the upside. This suggests that support is more likely to hold than to break or that resistance is more likely to break than to hold.

If the latter takes place, ethereum could climb by around $60 or the same height as the triangle formation. Similarly a break below support could be followed by a drop of the same height. Price appears to be finding resistance at the 100 SMA dynamic inflection point right now.

RSI is also pointing…

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