This potential breakout pattern could push ETH significantly higher, expected to reach $ 170

ETH and the synthetic cryptocurrency market saw a slight sell-off overnight after being catalyzed by Bitcoin's decline to an area below $ 6,000. This decline has not affected ETH like other altcoins, as cryptocurrencies are currently significantly outperforming the market.

An analyst is currently noticing that there are a few key technical factors that he is closely watching to gain insight into where ETH will be heading next when the coin provides some conflicting signals.

Importantly, ETH is on the verge of confirming a highly bullish technical model that could cause it to witness a heady rally, if the bull has enough power to complete the model.

ETH shows mixed signals

At the time of writing, ETH is trading up nearly 4% with the current price of $ 137, marking a slight increase from the previous daily high of $ 134 that was set yesterday.

Analyst Josh Olszewicz explained that ETH is currently sending mixed signals.

“Every day the bollinger band leans toward the cow. Overall 50:50. 200 if increasing, hope not zero if decreased. ”

Potential breakout pattern

Olszewicz also went on to explain that another bullish driver could allow ETH to post a cloud breakout, if successful could see a sharp rally to $ 170.

“Breakout the cloud will be clear, if it happens. Can move quickly to $ 170 ”.

For this bullish technical model to be confirmed, it is imperative that the bull can continue to separate ETH from Bitcoin and continue to expand its independent momentum.

ETH technical analysis

This week, we can see the importance of the $ 135 resistance level for ETH. Price has made several attempts to clear the $ 135 barrier and it has recently been successful.

After trading as low as $ 128.85, the bulls acted. They pushed prices above the $ 135 resistance and the 100-hour SMA. The move is strong and the price is trading at $ 140.

A high formed near $ 139 and the price is currently correcting upward. It broke the Fib 23.6% retracement of the recent rally from a low of $ 129 to a high of $ 139. On the other hand, the previous resistance near the $ 135 level is now likely to act as a zone. Main support for ETH in the near future.

There is also a major uptrend line formed with support near $ 131 on the hourly chart of ETH / USD. An intermediate support is the Fib 50% retracement of the recent rally from a low of $ 129 to a high of $ 139.

ETH price can breakout

The current price action is positive and it looks like the price is likely to continue higher above $ 138 and $ 140. The first major resistance is near the $ 142 level, on which the bulls are likely to target. Check $ 145 or even $ 150.

If ETH corrects lower, it is likely that there will still be good prices near the $ 135 support zone. The main support below $ 135 is near the $ 130 area.

As long as there is no daily close below $ 130, the bulls are likely to remain in control in the next sessions.

You can see the price of ETH here.

Disclaimer: This is not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.


According to AZCoin News

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