Earlier today, the crypto market witnessed an aggressive sell-off, in response to the correlation with the US market. However, as the panic selling eased off, the Ethereum price showed a strong rebound from the lower support trendline. Thus, the coin price continues its range-bound rally within a symmetrical triangle pattern.
The crypto market has faced high volatility since last month caused by the release of high CPI data, fear of a higher interest hike from the Fed, and now the recent sell-off in the global market. However, even though this macro event puts significant pressure on the crypto coins, it seems the Ethereum price is strictly following a single pattern structure.
The daily technical chart shows the Ethereum price forms a symmetrical triangle pattern. In theory, it is a continuation pattern and favors the resumption of the prior trend, which in our case, is bearish. However, the possibility for the triangle’s upside breakout isn’t nil.
Thus, until the price remains within this triangle, the ETH/USDT pair will suffer uncertainty.
As of now, the Ethereum price currently trades at $1299 with an intraday gain of $1.32. Thus, the buyers have completely offset the earlier sell-off and rebounded the price from the pattern’s support trendline.
Thus, a new bull cycle indicated within the pattern should push the prices to hit the overhead trendline. Anyhow, Thus, an actual breakout of the triangle from any side will give additional confirmation for future trends.
EMAs: the 20-day EMA offers dynamic resistance to assist sellers in maintaining the price pattern.
Relative strength index: the rising RSI slope indicates the growth in bullish momentum. Thus, the buyers have an extra edge in breaking the overhead resistance trendline.
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