ETH/BTC Potential 10-15% rise imminent.
ETH/USD has been stuck been stuck in the $225-254 range for a few days over a month now. It has formed a symmetrical triangle pattern within this range following the massive pump led by BTC/USD when it soared to 10.4K within minutes. Now Ethereum faked out downwards from the apex of the triangle, and rebounded above the original support of the triangle. It is now holding this support after the rise accompanied with a good amount of volume.
The Bollinger Bands on the 4H chart are very narrow, indicating volatility is imminent. The MACD has also been declining for a bit over a month now, but it seems as if this downtrend is coming to exhaustion. Additionally, the RSI was stuck in a downtrend and has now broken out of this downtrend and created a higher high.
The rise would be equal to the height of the triangle, and would bring ETH very close to the previous higher time frame high created in February.Here, ETH should consolidate before seeing any further gains.
This rise would imply a break of a multi-year descending trend line, further calling for consolidation on the trend line. If ETH manages to hold this level and does not experience a harsh rejection, it could potentially stage the floor for a massive bull run. Given that ETH is well above its 200D SMA currently at around $180, the weekly MACD is rising above 0, and ETH is now pushing against its Bollinger Band on the weekly, this seems possible.
The Bollinger Bands on the 4H chart are very narrow, indicating volatility is imminent. The MACD has also been declining for a bit over a month now, but it seems as if this downtrend is coming to exhaustion. Additionally, the RSI was stuck in a downtrend and has now broken out of this downtrend and created a higher high.
The rise would be equal to the height of the triangle, and would bring ETH very close to the previous higher time frame high created in February.Here, ETH should consolidate before seeing any further gains.
This rise would imply a break of a multi-year descending trend line, further calling for consolidation on the trend line. If ETH manages to hold this level and does not experience a harsh rejection, it could potentially stage the floor for a massive bull run. Given that ETH is well above its 200D SMA currently at around $180, the weekly MACD is rising above 0, and ETH is now pushing against its Bollinger Band on the weekly, this seems possible.
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