Today we look at the Ethereum, which created a huge triangle. Bitcoin has stabilized above USD 5,000, but we see signs of weakening. Can Ethereum withstand pressure?
[ETH / USD] In 2020 to present value: -13.36%
The whole growth for 2020, which we could see in January and February, is gone forever. Investors are no longer looking on growth, but rather on a drop and looking for the cheapest purchase. We are currently at 115 USD. Just a few days ago, however, we saw the value of even 86 USD. Currently, we see a slight calming of the market, because even world markets have calmed down and stabilized.
At the same time, we see a huge triangle on Ethereum that has been formed in recent days. This triangle began to form last week by creating a bottom at $ 86 and then a weekend move to peak at $ 144. We see that the triangle is slowly terminating, and these patterns typically have a large upward or downward movement. So let’s look at the closest support and resistance levels. From top to $ 289 in 2020, we have fallen to the current value of $ 111, a 61.42% loss.
Situation rather fall below $ 100 each. We have the closest resistance at $ 144 and one level up we see $ 190. However, given the current state of the world markets, I do not think such a growth to 190 USD should come. Rather, we will look at the new low values for 2020. The closest support is at 86 USD. Bears 59% Bulls 41%.