Since ETH broke out through the $1500 resistance it has seen gradual growth, nothing spectacular, but very decent growth for this pair considering the market cap.
Over the course of two weeks, ETH has been slowly forming a wedge pattern. While this pattern is not necessarily a bullish one, I think it will be a bullish pattern . The current market has more room to grow, therefore I don't see a reason to short ETH at this point in time. Nevertheless, it's safer to wait for the price to close above the pennant top resistance. Higher time frames yield more predictive power.
On the chart I’ve marked two potential areas of resistance, $2000 as per my previous ETH post. $2200 new long term target. Do your own due diligence.
Happy trading!
Over the course of two weeks, ETH has been slowly forming a wedge pattern. While this pattern is not necessarily a bullish one, I think it will be a bullish pattern . The current market has more room to grow, therefore I don't see a reason to short ETH at this point in time. Nevertheless, it's safer to wait for the price to close above the pennant top resistance. Higher time frames yield more predictive power.
On the chart I’ve marked two potential areas of resistance, $2000 as per my previous ETH post. $2200 new long term target. Do your own due diligence.
Happy trading!
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