ETH could break out of the current pattern and climb to $ 4,000
ETH is slowly approaching the upper limit of the descending wedge. Can it explode?
- Major support levels: $ 3,600, $ 3,300
- Major Resistance Levels: $ 3,800, $ 4,000
ETH has moved sideways within a falling wedge (marked in blue in the chart).
Price is moving towards the resistance line of the wedge, which is currently $ 3,850. If the ETH gains momentum here, the cops have a chance to break out. Failure will bring the price back up to the $ 3,600 or even $ 3,300 support if the correction continues.
USDT daily chart | Source: TradingView
Technical indicators
Volume: Trading volume remains low. However, ETH seems to be preparing for a big step.
RSI: The daily RSI is rising again, showing that buyer momentum is picking up. As long as this continues, the bulls will make one more attempt to break out of the important resistance level.
MACD: The daily MACD is very close to forming a bullish cross. This is exactly what ETH needs in order to be able to break through the falling wedge when the momentum picks up. The bullish divergence on the MACD histogram is also an early sign that this could happen.
USDT daily chart | Source: TradingView
Perspectives
The outlook for ETH is neutral. Breaking over the wedge will give the bulls the advantage in the short term.
Short term price forecast
The cops are returning and it looks like they’re making one more attempt to break the wedge. If successful, it could trigger a rally to $ 4,000 that has historically challenged resistance.
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Ethereum
ETH could break out of the current pattern and climb to $ 4,000
ETH is slowly approaching the upper limit of the descending wedge. Can it explode?
- Major support levels: $ 3,600, $ 3,300
- Major Resistance Levels: $ 3,800, $ 4,000
ETH has moved sideways within a falling wedge (marked in blue in the chart).
Price is moving towards the resistance line of the wedge, which is currently $ 3,850. If the ETH gains momentum here, the cops have a chance to break out. Failure will bring the price back up to the $ 3,600 or even $ 3,300 support if the correction continues.
USDT daily chart | Source: TradingView
Technical indicators
Volume: Trading volume remains low. However, ETH seems to be preparing for a big step.
RSI: The daily RSI is rising again, showing that buyer momentum is picking up. As long as this continues, the bulls will make one more attempt to break out of the important resistance level.
MACD: The daily MACD is very close to forming a bullish cross. This is exactly what ETH needs in order to be able to break through the falling wedge when the momentum picks up. The bullish divergence on the MACD histogram is also an early sign that this could happen.
USDT daily chart | Source: TradingView
Perspectives
The outlook for ETH is neutral. Breaking over the wedge will give the bulls the advantage in the short term.
Short term price forecast
The cops are returning and it looks like they’re making one more attempt to break the wedge. If successful, it could trigger a rally to $ 4,000 that has historically challenged resistance.
Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews
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