Ethereum Analysis v1.05 - 4hr Ascending Triangle Scenario
Ethereum is currently forming a possible Ascending Triangle, which may indicate a move towards the downside.
Unless Ethereum is able to break above the $140 region within the next 2-3 days with high volume, there's a high probability that the price will break downwards towards the $120 region to re-test it as support. A bounce from the $120 region is likely, but we will have to watch to see how strong the bounce is, if it turns out to be a weak bounce, further downwards price action may follow.
Short Term Statistics (Few Days):
- Price Moves Lower (50% Chance)
- Price Moves Sideways (25% Chance)
- Price Moves Higher (25% Chance)
Levels to watch:
- $140 (Strong resistance, breakout = bullish price action)
- $120 (Previously an important resistance/support level)
Notes:
- Weekly and Daily timeframes show changes in momentum, bulls may need to reset before heading higher, so downwards price action is likely during this time.
Unless Ethereum is able to break above the $140 region within the next 2-3 days with high volume, there's a high probability that the price will break downwards towards the $120 region to re-test it as support. A bounce from the $120 region is likely, but we will have to watch to see how strong the bounce is, if it turns out to be a weak bounce, further downwards price action may follow.
Short Term Statistics (Few Days):
- Price Moves Lower (50% Chance)
- Price Moves Sideways (25% Chance)
- Price Moves Higher (25% Chance)
Levels to watch:
- $140 (Strong resistance, breakout = bullish price action)
- $120 (Previously an important resistance/support level)
Notes:
- Weekly and Daily timeframes show changes in momentum, bulls may need to reset before heading higher, so downwards price action is likely during this time.