ETH Price Analysis: Ethereum Forming Symmetrical Triangle Between $225-250 Price Levels

By Vince Prince
Published June 9, 2020 Updated June 9, 2020
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ETH Price Analysis
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ETH Price Analysis: Ethereum Forming Symmetrical Triangle Between $225-250 Price Levels

By Vince Prince
Published June 9, 2020 Updated June 9, 2020
  • ETH Price is currently forming a bug triangle between the 225 and 250 price-level
  • The form of the triangle is symmetrical so it can break out to the up or downside.

ETH Price Analysis: 4Hr Chart

ETH Price Analysis
ETHUSD Price Analysis
  • PREVIOUS: 244.74
  • OPEN: 244.91
  • VOLUME: 33.352K
  • DAYS RANGE: 241.05 — 245.45

The longer ETHUSD is trading in the triangle and this is long enough now the stronger the breakout will be and the next levels holding targeted after the breakout.

The great case is here that the triangle is actually very good for opening a position after the breakout so the opening of
a position should be preferred after the breakout has confirmed in the bullish or bearish direction.

On the indicator-side, we have the RSI which is hanging in the middle value and has definitely room to breakout and touch
either the overbought or oversold condition, this will give extra validation of the coming breakout setup.

ETH Price Trading Tip

Traders can take advantage with opening a trade, this can be made with higher or lower preference. Traders With high risk preference can place an immediate entry and traders with lower risk-preference should wait after the
triangle finally confirmed on the outside.

 

  • TREND: Sideways
  • EXPECTATION: Breakout
  • TRADE: Placed after the proper scenario has confirmed

ETH Price Market Update: Moves Past Bitcoin In Key Metrics

Earlier in the day it was reported by Coingape team that Ethereum network  moved past Bitcoin in number of key metrics like long term holders and all time high unique addresses. Last week, the network surpassed 100 million and was at 100,403,047, during the time of writing.

The second largest cryptocurrency currently with a market cap of $27.15 billion not only beat bitcoin in ‘number of holders’ but the altcoin’s miners were seen earning more fees than Bitcoin miners. The day was filled with FUD news around CoinMarketCap’s wrong exchange ranking and outrage of community against the newly implemented ranking algorithm. ETH price still is one among top key speculations in the market with all the positive network growth and upcoming eth 2.0 update.

Do you think Eth 2.0 will drive ETH prices to new ATH?

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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Vince Prince
16 Articles
Vince is an experienced trader, investor and financial analyst within the markets in which he concentrates on the cryptocurrencies and decent opportunities within them to trade in a professional oriented manner. You can follow him at trading view market insight at: https://www.tradingview.com/u/VincePrince/ Or you can join his telegram channel: https://t.me/vinceprince_channel

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