Since hitting its all time high, ethereum has been in a big consolidation phase as can be seen by the pattern formed within the symmetrical triangle (Ive seen some people show it as an ascending triangle). Ascending triangles are generally bullish, whereas symmetrical can go either way, however they tend to go up in bull and down in bear markets and since crypto is currently still in a long term bull phase and that ethereum is a legit coin with high adoption rates it will likely break up
On the shorter time frame, ethereum could be forming a bullish cup and handle formation which would indicate a breakout sooner rather than later. First target after 370 dollar breakout is previous all time high around 420 dollars and then 650 dollars based on 1.61 Fibonacci extension. Trend based pitchfork shows this target for next year, but with how fast cryptocurrency moves it could be by the end of the year. On the other hand if it fails to break out, expect another trip back down below 300 dollars to once more find support.
Entry 370 dollars- target 1- 420, target 2- 650 dollars.
On the shorter time frame, ethereum could be forming a bullish cup and handle formation which would indicate a breakout sooner rather than later. First target after 370 dollar breakout is previous all time high around 420 dollars and then 650 dollars based on 1.61 Fibonacci extension. Trend based pitchfork shows this target for next year, but with how fast cryptocurrency moves it could be by the end of the year. On the other hand if it fails to break out, expect another trip back down below 300 dollars to once more find support.
Entry 370 dollars- target 1- 420, target 2- 650 dollars.
註釋
I forgot to add that on 4hr timeframe, ichimoku cloud all 4 indicators are bullish ( will try and post screenshot here or in comments) a- price above cloud, b- cloud is green or kumo twist, c- tenkan crossed up over the kijun (similar to EMA lines) and d- trailing indicator is above the cloud註釋
Ethereum attempting to breakout up out of consolidation phase註釋
Eth Strong break out交易結束：目標達成
Target reached and surpassed
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