• Ethereum price continues to move sideways within a symmetrical triangle pattern.
  • The governing technical pattern suggests ETH is confined with indecision.
  • Ethereum appears to have formed a local bottom, awaiting a 16% bounce.

Ethereum price has been consumed with indecision, as ETH has been printing a chart pattern that indicates indecision. Despite the lack of decisiveness, the cryptocurrency appears to be ready to shift price action to the upside.

Ethereum price eyes a 16% climb

Ethereum price action has proven to be lackluster, trading sideways since May 19. On the daily chart, ETH appears to be forming a symmetrical triangle pattern, suggesting indecision to come in the short term.

The daily candle on July 17 has marked a local bottom, supported by the lower boundary of the chart pattern. Now, Ethereum price is preparing for a bounce to the upside after a buy signal from the Momentum Reversal Indicator (MRI) on the July 16 candle suggested a trend reversal in the near term. 

Ethereum price is expected to tag the 38.2% Fibonacci extension level at $2,065, coinciding with the 200-day Simple Moving Average (SMA). Further bullish momentum should not void bigger aspirations for ETH.

Should Ethereum price be able to secure the aforementioned level as support, ETH bulls could expect the asset to target the upper boundary of the symmetrical triangle at $2,284, which corresponds to the 61.8% Fibonacci extension level and the 50-day SMA.

Ethereum price eyes 16% bounce

ETH/USDT daily chart

While the governing chart pattern suggests that Ethereum price is likely to continue to move sideways, a massive spike in buying pressure could push ETH price to $2,972, a measured upside target from the symmetrical triangle.

On the flip side, should ETH bears take control of the market, Ethereum price could find meaningful support at the 23.6% Fibonacci extension level at $1,930 before falling to the support line given by the MRI at $1,800.

Further selling pressure could see Ethereum drop to the demand zone, extending from $1,600 to $1,730. Only if ETH loses this support level would put the maximum bearish scenario of a 35% decline from the lower boundary of the chart pattern at $1,282 on the radar. 

 


Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Recommended content


Recommended Content

Editors’ Picks

Polygon joins forces with WSPN to expand stablecoin adoption

Polygon joins forces with WSPN to expand stablecoin adoption

WSPN, a stablecoin infrastructure company based in Singapore, has teamed up with Polygon Labs to make its stablecoin, WUSD, more useful in payment and decentralized finance.

More Cryptocurrencies News
Coinbase envisages listing of more meme coins amid regulatory optimism

Coinbase envisages listing of more meme coins amid regulatory optimism

Donald Trump's expected return to the White House creates excitement in the cryptocurrency sector, especially at Coinbase, the largest US-based crypto exchange. The platform is optimistic that the new administration will focus on regulatory clarity, which could lead to more token listings, including popular meme coins.

More Crypto News
Cardano's ADA leaps to 2.5-year high of 90 cents as whale holdings exceed $12B

Cardano's ADA leaps to 2.5-year high of 90 cents as whale holdings exceed $12B

As Bitcoin (BTC) gets closer to the $100,000 mark for the first time — it crossed $99,000 earlier Friday — capital is rotating into alternative cryptocurrencies, creating a buzz in the broader crypto market.

More Bitcoin News
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange

Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange

Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.

More Shiba Inu News
Bitcoin: Rally expected to continue as BTC nears $100K

Bitcoin: Rally expected to continue as BTC nears $100K

Bitcoin (BTC) reached a new all-time high of $99,419, just inches away from the $100K milestone and has rallied over 9% so far this week. This bullish momentum was supported by the rising Bitcoin spot Exchange Traded Funds (ETF), which accounted for over $2.8 billion inflow until Thursday. BlackRock and Grayscale’s recent launch of the Bitcoin ETF options also fueled the rally this week. 

Read full analysis
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

BTC

ETH

XRP