Hello all. Looking at ETHUSD on the 4HR timeframe we see a formation of an ascending triangle pattern which is a bullish formation.
The price of etherium has reached the upper horizontal trendline of this pattern and has a breakout price target of $1655.
The price currently trades above the $1200 mark and above the 200 week MA.
The closer the price gets to the apex of this triangle, the faster we can anticipate a breakout.
If the price breaks towards the upside then we are look at 35% move up.
For bearish scenario, just extrapolate the same yellow line and you will get the bearish price target for possible bearish breakout.
Thanks for reading, and stay tuned. Enjoy.
The price of etherium has reached the upper horizontal trendline of this pattern and has a breakout price target of $1655.
The price currently trades above the $1200 mark and above the 200 week MA.
The closer the price gets to the apex of this triangle, the faster we can anticipate a breakout.
If the price breaks towards the upside then we are look at 35% move up.
For bearish scenario, just extrapolate the same yellow line and you will get the bearish price target for possible bearish breakout.
Thanks for reading, and stay tuned. Enjoy.