Ethereum Price Forecast: ETH/USD Symmetrical Triangle Breakout To $400 In The Offing


Ethereum Price Forecast: ETH/USD Symmetrical Triangle Breakout To $400 In The Offing

  • Ethereum slips below $320 for the second time this week but support at $312 is still intact.
  • ETH/USD requires a boost above $320 in order to make the final run-up for the triangle breakout eyeing $400.

Ethereum bulls have for most of this week’s trading found it increasingly difficult to hold the price above $320. Note that, earlier in the week, Ether ascended to a new 2020 high around $314. Unfortunately, a reversal ensued, forcing ETH/USD to seek support at $305.

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Meanwhile, another short-lived recovery took place with Ethereum briefly trading above $320 on Wednesday. At the moment, a correction has occurred and the cryptoasset has a market value of $316.

Intriguingly, the formation of a short term (4-hour range) symmetrical triangle pattern highlights the possibility for an uptrend continuation that could draw $400 nearer. ETH/USD is already trading at the apex of the symmetrical triangle. Ether only needs a boost above $320 and towards $330 to be able to actualize this breakout.

ETH/USD 4-hour chart

ETH/USD price chart
ETH/USD price chart by Tradingview

Scanning the technical picture, the short term price actions for Ethereum are bound to remain bearish. For instance, the RSI is making a gradual retreat below the overbought region. A progressive downtrend could encourage more bears to join the market, thereby pushing Ethereum closer to the support at $305.

Read moreEthereum Price Forecast: ETH/USD free-falls in tandem with Bitcoin, can $300 hold?

The MACD in the same range is falling towards the midline. In addition, a visible bearish divergence hints that the bearish pressure could continue to terrorize ETH. Fortunately, there is short term support at $312 likely to function as the springboard to gains above $320 in anticipation of the triangle breakout.

Ethereum Intraday Levels

Spot rate: $316.74

Percentage change: -0.42%

Relative change: -1.36

Trend: Bearish bias (short term)

Volatility: High

Author: John Isige
John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige
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John Isige 707 Articles
John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige
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