Ethereum ascending triangle breakout new ATH incoming
After the initial sell off after reaching a new all time high there has been strong support around the $4000 price point which is where the 20 day moving average is present, strong evidence is shown by the dragonfly doji candles at the bottom of the triangle presenting large buying pressure. Strong resistance is highlighted in the red box, if buyers remain strong the expected price target will be $4500. The RSI still has lots of upwards space before Ethereum enters into an overbought state which is an indicator a sell off could be imminent. Currently we will either continue to test the bottom of the triangle again or breakout upwards. MACD indicator positive crossover.
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