ETH could pop 5%
Eth has been trading sideways for the past 1 day and 18 hours, during which time it has formed a small ascending triangle pattern. Given that the pattern is only a day old, there is a high likelihood of failure. However, for traders with a high risk appetite, it might still present an interesting opportunity.
Additionally, we are witnessing a gradual short squeeze, with risky assets slowly clawing back their losses. The pattern suggests that Ethereum could gain 4.91%, or $125 per contract, on a breach to $2,555, with the potential to reach a high of $2,678. If the breakout is successful, the short-term trend is likely to remain bullish as long as the price stays above $2,512, a local low established today.
This content is not directed to residents of the EU or UK. Any opinions, news, research, analyses, prices or other information contained on this website is provided as general market commentary and does not constitute investment advice. ThinkMarkets will not accept liability for any loss or damage including, without limitation, to any loss of profit which may arise directly or indirectly from use of or reliance on such information
Additionally, we are witnessing a gradual short squeeze, with risky assets slowly clawing back their losses. The pattern suggests that Ethereum could gain 4.91%, or $125 per contract, on a breach to $2,555, with the potential to reach a high of $2,678. If the breakout is successful, the short-term trend is likely to remain bullish as long as the price stays above $2,512, a local low established today.
This content is not directed to residents of the EU or UK. Any opinions, news, research, analyses, prices or other information contained on this website is provided as general market commentary and does not constitute investment advice. ThinkMarkets will not accept liability for any loss or damage including, without limitation, to any loss of profit which may arise directly or indirectly from use of or reliance on such information
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Key lesson: always wait for the breakout. 
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