Ethereum (ETH) technical analysis:
Trade setup: Following a breakout of Ascending Triangle, ETH has entered an Uptrend and price has reached $1,700 resistance. It appears consolidating in a Sideways Channel. Now we wait for price to 1) break above $1,700 to resume Uptrend with upside to $2,000, or 2) pull back near $1,500 support for an attractive swing entry in Uptrend.
Pattern: Price is trading in a Sideways Channel , which is a neutral pattern (indication of market indecision). Trend Traders ought to wait for a breakout in either direction, although typically it breaks in the direction of the existing trend. Swing Traders can trade the range – Buy near Support and Sell near Resistance.
Trend: Uptrend across all time horizons (Short- Medium- and Long-Term).
Momentum is Mixed as MACD Line is below MACD Signal Line (Bearish) but RSI ~ 50 (Neutral).
Support and Resistance: Nearest Support Zone is $1,500 (previous resistance), then $1,250. The nearest Resistance Zone is $1,700, then $2,000.
Trade setup: Following a breakout of Ascending Triangle, ETH has entered an Uptrend and price has reached $1,700 resistance. It appears consolidating in a Sideways Channel. Now we wait for price to 1) break above $1,700 to resume Uptrend with upside to $2,000, or 2) pull back near $1,500 support for an attractive swing entry in Uptrend.
Pattern: Price is trading in a Sideways Channel , which is a neutral pattern (indication of market indecision). Trend Traders ought to wait for a breakout in either direction, although typically it breaks in the direction of the existing trend. Swing Traders can trade the range – Buy near Support and Sell near Resistance.
Trend: Uptrend across all time horizons (Short- Medium- and Long-Term).
Momentum is Mixed as MACD Line is below MACD Signal Line (Bearish) but RSI ~ 50 (Neutral).
Support and Resistance: Nearest Support Zone is $1,500 (previous resistance), then $1,250. The nearest Resistance Zone is $1,700, then $2,000.