Ethereum [ETH] Price Analysis: This Triangle Breakout Sends ETH/USD Above $180

Ethereum Price Analysis
Source: Tradingview

Ethereum [ETH] Price Analysis: This Triangle Breakout Sends ETH/USD Above $180

  • Ethereum resumes the uptrend above $180 following the short-term triangle breakout.
  • ETH/USD technical levels remain positive; bullseye $188.00 (last week’s highs).

Following the ballistic rise to levels around $188.00, ETH/USD succumbed to bear pressure and dropped below the 100 SMA 15-minutes chart. The support at $176.00 caved into the pressure, however, Ethereum found support at $174.53. Using this level as a stepping stone the bulls made another assault towards $188 but run out of steam at $184.00.

Ethereum Price Analysis
Chart Source: TradingView

Short-term Triangle Breakout

In the last couple of days, ETH/USD has traded sideways with very subtle movements to either direction. The subtle highs and lows formed a contracting triangle pattern. The breakout above the triangle resistance during the Asian session on Wednesday has seen Ethereum not only recover above the 100 SMA and the 200 SMA 15-minutes but also stepped above the critical $180.00 level.

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The buyers are currently building momentum at $181. Slightly above the current market value, the price will come face to face with the resistance at $184.00. Ethereum has attempted to break past this level before. Therefore, it is essential that it succeeds, otherwise, the attack will only serve to increase the resistance congestion. Moreover, stepping above $184.00 could be the breakout the price has been waiting for in order to resume the uptrend towards $200.00.

In terms of support levels, ETH/USD is supported at $180.00. Slightly below this the 200 SMA 15’ will prevent declines while the 100 SMA 15’ at $178.65 is positioned to stop losses towards the next support target, the rising trendline. Notably, additional support is observed at $168.00, $168.00 and $155.00 (last week’s support level).

Key Technical Indicators:

Resistance 1: 184.00

Resistance 2: $188.00

Medium-term resistance: $200.00.

Support 1: $180.00

Support 2: $176.00

Support 3: $168.00

100 SMA 15’: 178.65

200 SMA 15’: 179.65

Stochastic oscillator: 87.0366

MACD 15’: +0.805758

RSI 15’: Downward sloping at 63.1252

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Ethereum [ETH] Price Analysis: This Triangle Breakout Sends ETH/USD Above $180
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Ethereum [ETH] Price Analysis: This Triangle Breakout Sends ETH/USD Above $180
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Ethereum resumes the uptrend above $180 following the short-term triangle breakout. ETH/USD technical levels remain positive; bullseye $188.00 (last week’s highs).
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John Isige 36 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 content. His main focus is on cryptocurrency price analysis and industry news coverage.