ETH price analysis: Bulls aim breakout with symmetrical triangle at $2,400
3 min readTL;DR
- ETH price analysis shows that the dip to $2,200 could turn bullish
- The emergence of a symmetrical triangle in ascending channel sparks interest
- Breakout can occur if the pair closes above the $2,500 level
- The breakout is stagnating near the 50-day simple moving average
ETH bulls have a reason to cheer as the emergence of a symmetrical triangle pushes the price channel higher. The price is trading at $2,430 and close to the 50-day simple moving average, igniting more buy orders. The constructive trade setup on the weekend can further bolster the bullish revival.
The sharp recovery from the May 23 lows is helping the price channel turn into an ascending slope. On the downside, the price is well supported near the $2,042 where the selling can subside. ETH price analysis shows that the dip towards $2,200 was received well by the buyers and the pair quickly went higher towards $2,400 near the 100-day MA.
The symmetrical triangle on the short-term hourly charts. As per ETH price analysis, the ETH/USD has crucial support at $2,330 and then at $2,200. The price will face massive resistance at $2,470 and then at $2,650. Unlike BTC, which shows subtle signs of a rebound, the ETH is performing relatively well by touching $2,900 earlier this week.
ETH price movement in the last 24 hours: Stuck within Bollinger Bands
In the past 24 hours, the ETH/USD pair is trying for a breakout but is stuck under $2,500. The pair is struggling to cross $2,600, and the Bollinger bands have a range of $2,900 to $2,170. This week’s high of $2,900 is proving to be another resistance near the .382 Fibonacci resistance. As the coin struggled to cross $2,900, the initial support at $2,200 helped bulls stabilize the fall.
The bulls have a strong defense near the $2,200, which is also the .618 Fibonacci resistance for the pair’s rise. The symmetrical price chart is helping the price channel ascend upwards and challenge the upper Bollinger Band. The triangle’s apex is also scripting a breakout pattern according to ETH price analysis.
The pair is facing stiff resistance at $2,470 and then at $2,645. If the bulls manage to close the pair above the $2,740, they are likely to face heavy selling pressure near $2,987, where the .382 Fibonacci resistance is beckoning sellers.
ETH/USD 4-hour chart: Sellers looking to short near $2,445 level
Sellers are also looking for active short strategies at this juncture. The price has been summarily rejected from the $2,440 level and has found support at $2,350. The RSI on the daily charts is pointing upwards and looking to cross higher towards the 53 level. The bullish momentum may well script a cross-over on the MACD charts.
ETH price analysis shows that the constructive rise towards $2,900 has emboldened the bulls. The 50-day simple moving average is supporting the symmetrical triangle on the charts. The sustainable price action is also supporting the bullish viewpoint. The only factor that can dampen the spirits of the bulls is the broader weakness in the crypto market.
The bullish hammer candlestick pattern on the hourly charts is further encouraging the daily charts. The rise in volumes is also helping the bulls challenge intermediate resistances on the way towards $2,900. The current price action also cements the double-bottom pattern and will further help the bulls.
ETH price analysis conclusion: ETH ready to bounce higher above $2,500
The massive 70 percent rise from $1,900 lows to the May 26 high of $2,900 shows that the ETH bulls have sprung back into the action. The volumes and liquidity are there and only need a spark from the technical indicators. The rally towards $2,900 was not merely a ‘Dead-Cat’ bounce but rather a constructive rally.
ETH price analysis shows that the bears may attempt another short rally to take the price towards $2,000. If the bears can manage to pull the price down further, the bulls will likely use the opportunity to buy more ETH.
The ETH price analysis shows that the bulls will target the $3,369 level on the long-term horizon. The sellers are going to be near the strategically important 200-day simple moving average to trigger another downturn. At $2,000, institutional investors and large traders are surely going to participate in the accumulation phase.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
