Ethereum - Ascending triangle still in play
After the glorious rally from 8 USD up to 420 USD within less than six months, Ethereum is in a consolidation since early June.
It looks as if this consolidation takes the form of a bullish ascending triangle, which means that a breakout above 400 - 420 USD will likely initiate the next furious big up-leg.
If you add the height of the triangle to the potential break-out point around 420 USD, the next price target for Ethereum would be around 1,300 USD !!!
On the downside, the zone between 220 and 240 USD must hold, otherwise the triangle formation becomes invalid. The 200 EMA currently at 235 USD is increasing the support in this zone.
The Ethereum chart looks pretty bullish but may need some more time.
It looks as if this consolidation takes the form of a bullish ascending triangle, which means that a breakout above 400 - 420 USD will likely initiate the next furious big up-leg.
If you add the height of the triangle to the potential break-out point around 420 USD, the next price target for Ethereum would be around 1,300 USD !!!
On the downside, the zone between 220 and 240 USD must hold, otherwise the triangle formation becomes invalid. The 200 EMA currently at 235 USD is increasing the support in this zone.
The Ethereum chart looks pretty bullish but may need some more time.
