The ETH/USD has been coiling inside a bullish continuation pattern for several weeks now and a breakout could be on the cards soon. The consolidation suggests ETH is gearing up for a potential breakout soon, as it chips away at resistance coming from the 200-day moving average near $2700.
Further resistance is seen between $2745 to $2855, as shaded in grey on the chart. If it gets through this area of resistance in the coming days, then a big breakout could be on the cards, with the first stop likely around $3,000, but we could go much further than that over time, given the length of the current consolidation.
However, it is essential that the ETH/USD doesn't break the support trend of the consolidation pattern and key support at $2470 now. If it does, then that would invalidate the bullish price structure.
By Fawad Razaqzada, market analyst with FOREX.com
Further resistance is seen between $2745 to $2855, as shaded in grey on the chart. If it gets through this area of resistance in the coming days, then a big breakout could be on the cards, with the first stop likely around $3,000, but we could go much further than that over time, given the length of the current consolidation.
However, it is essential that the ETH/USD doesn't break the support trend of the consolidation pattern and key support at $2470 now. If it does, then that would invalidate the bullish price structure.
By Fawad Razaqzada, market analyst with FOREX.com
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