Hello,
The ETH/USD pair has recently caught my attention as the price has been forming within an ascending triangle setup. This pattern is usually considered a bullish signal, however, it's crucial to pay attention to the resistance and immediate support of the pattern to anticipate where the breakout may occur.
The ascending triangle's resistance and support are the two main areas to watch. If the price breaks above the resistance (the flat top of the triangle), we could see a significant bullish move, with the major supply zone being the crucial resistance to look out for. Conversely, the immediate support is the upwardly sloping line formed by rising troughs. If price breaks this trendline, it would indicate that bears have gained control.
It's worth noting the significance of Support Level 3. I consider this a 'dangerous' level of support, as a break below could potentially trigger a drop towards the $360 price point, a strong demand zone. However, I'm skeptical about this bearish scenario happening soon.
Please remember that the targets for both bullish and bearish scenarios are shown on the chart and these scenarios are based on the assumption of the price breaking out of the triangle.
While my analysis is currently leaning towards a bullish breakout given the ascending triangle pattern, I will be providing intermediate updates as the market develops. It's important to remember that this is a long-term market perspective and that crypto markets can be highly volatile and unpredictable.
As always, please consider this analysis as part of your own research and trading strategy. Stay tuned for updates and remember, trade smartly!
The ETH/USD pair has recently caught my attention as the price has been forming within an ascending triangle setup. This pattern is usually considered a bullish signal, however, it's crucial to pay attention to the resistance and immediate support of the pattern to anticipate where the breakout may occur.
The ascending triangle's resistance and support are the two main areas to watch. If the price breaks above the resistance (the flat top of the triangle), we could see a significant bullish move, with the major supply zone being the crucial resistance to look out for. Conversely, the immediate support is the upwardly sloping line formed by rising troughs. If price breaks this trendline, it would indicate that bears have gained control.
It's worth noting the significance of Support Level 3. I consider this a 'dangerous' level of support, as a break below could potentially trigger a drop towards the $360 price point, a strong demand zone. However, I'm skeptical about this bearish scenario happening soon.
Please remember that the targets for both bullish and bearish scenarios are shown on the chart and these scenarios are based on the assumption of the price breaking out of the triangle.
While my analysis is currently leaning towards a bullish breakout given the ascending triangle pattern, I will be providing intermediate updates as the market develops. It's important to remember that this is a long-term market perspective and that crypto markets can be highly volatile and unpredictable.
As always, please consider this analysis as part of your own research and trading strategy. Stay tuned for updates and remember, trade smartly!
Trade active
Trade active
Good breakout of the ascending structure.Trade active
Trade active
Ethereum continue to make impacts, this is what I expect from it in the short/medium term.Trade active
Trade active
Trade active
Trade closed: target reached
Major supply zone tapped, this analysis is aged. 
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📢Follow the official links only! Trade smart, stay safe! 🎯
Telegram: t.me/+m0IACMn0ul03OTFk
Forex zone: t.me/+piiPgrNtrulkNDk0
💎 Premium details: t.me/wcsepayment
📩 Promotion/Partnership: t.me/WESLAD
Telegram: t.me/+m0IACMn0ul03OTFk
Forex zone: t.me/+piiPgrNtrulkNDk0
💎 Premium details: t.me/wcsepayment
📩 Promotion/Partnership: t.me/WESLAD
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.