RATE Group | Teasing inverse head and shoulders, eyes on $215
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Teasing inverse head and shoulders, eyes on $215

17 May Teasing inverse head and shoulders, eyes on $215

Posted at 15:32h in Cryptocurrency News by

  • ETH/USD consolidates for the next push higher.
  • Potential inverse head and shoulders on the hourly chart.
  • Buyers to aim for $215 on a bullish breakout.

Ethereum (ETH/USD) is consolidating Saturday’s rebound below 203 levels on a quiet Sunday trading. The spot wavers in a $5 range, having bounced-off a brief dip below 200 mark in early trades. The second-most traded cryptocurrency is yearning for a sustained break higher over the last hours, with the downside cushioned by a stack of healthy support levels. The coin hit a daily high of 202.67 before easing slightly to now trade at 201.35, still up 0.50% on the day. The spot enjoys a market capitalization of about $ 22.39 billion, set to settle the week with a 7% weekly gain.

Short-term technical outlook

Looking at the hourly sticks, the no. 2 coin is teasing an inverse head and shoulders breakout. The buyers remain hopeful, as a breakout at the 202.32 neckline could trigger a sharp rally towards the…

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