Ethereum (ETH) Price Analysis: ETH Rebounds From Triangle Support, Can The Next Run Push Us Higher?

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Ethereum (ETH) Price Analysis: ETH Rebounds From Triangle Support, Can The Next Run Push Us Higher?

  • Ethereum witnessed a 6.8% price increase over the past 24 hours of trading as the cryptocurrency trades at $133.
  • ETH had been dropping over the past 3-days but managed to find support at the lower boundary of an ascending triangle.

Ethereum increased by 6.8% today as the cryptocurrency rebounds from the lower boundary of a consolidation pattern. ETH had been falling over the weekend as it failed to break above $140 which caused it to drop into the $130 region before it rebounded higher.

The recent rebound at the lower boundary has prevented ETH from slipping into a bearish trend, however, we still need to break above the triangle before we can even start to be considered turning bullish.

Ethereum Price Analysis

ETH/USD – Daily CHART – SHORT TERM

ETH/USD. Source: TradingView

Market Overview

Taking a look at the daily chart above, we can clearly see ETH failing to break the upper boundary of the triangle as it started to roll over during the weekend. Luckily, it managed to find support at the lower boundary which prevented the market from turning bearish in the short term.

The next crucial level that ETH must break above is the $140 region which will then allow ETH to head toward $150 and above.

Short term prediction: NEUTRAL

Ethereum remains neutral in the short term as it trades within the consolidation pattern. However, if it falls beneath the triangle it would be considered bearish. A break above $152 would turn ETH bullish in the short term.

Looking ahead, the first level of resistance to break is located at $135. Above this, resistance is expected at $140, $152 (bearish .382 Fibonacci Retracement level), and $160. If the buyers continue higher, resistance lies at $172 (bearish .5 Fib Retracement), $176, and $191.

On the other side, the first level of support lies at the lower boundary of the triangle. Beneath this, support lies at $120, $110, and $105.

Key Levels

Support: $120, $116, $110, $104, $100, $92.85, $80, $76..

Resistance:, $135, $140, $150, $152, $160, $171, $176, $180, $191, $200, $205, $210, $213, $220, $227.

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Ethereum (ETH) Price Analysis: ETH Rebounds From Triangle Support, Can The Next Run Push Us Higher?
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Ethereum (ETH) Price Analysis: ETH Rebounds From Triangle Support, Can The Next Run Push Us Higher?
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Ethereum witnessed a 6.8% price increase over the past 24 hours of trading as the cryptocurrency trades at $133. ETH had been dropping over the past 3-days but managed to find support at the lower boundary of an ascending triangle.
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Author: Yaz Sheikh
Yaz is a cryptocurrency technical analyst and has been actively trading financial markets for over 7years, with 4 years of crypto experience. He is an Economics graduate who has taken a keen interest on the future potentials of blockchain in the financial industry. Aside from cryptocurrency and trading Yaz enjoys spending his time watching his favourite football team (Liverpool F.C.) compete as well as keeping up-to-date with the UFC. Follow him at @TcmYaz.
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Yaz Sheikh 182 Articles
Yaz is a cryptocurrency technical analyst and has been actively trading financial markets for over 7years, with 4 years of crypto experience. He is an Economics graduate who has taken a keen interest on the future potentials of blockchain in the financial industry. Aside from cryptocurrency and trading Yaz enjoys spending his time watching his favourite football team (Liverpool F.C.) compete as well as keeping up-to-date with the UFC. Follow him at @TcmYaz.
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