Chart Pattern: Symmetrical Triangle Formation
The price action is forming a symmetrical triangle, a pattern that typically signals a breakout in either direction.
The price is currently trading near the apex of the triangle, indicating an imminent breakout.
Key Levels:
Resistance Zone: ~$1,920
Support Zone: ~$1,839 (marked in blue)
Breakdown Target: If the price breaks below the triangle, ETH could drop toward $1,839 or lower.
Market Sentiment & Price Action:
The lower highs and higher lows show decreasing volatility, signaling a squeeze before a breakout.
A breakdown is more likely, considering the minor lower highs forming within the triangle.
A potential retest of the lower trendline before a drop aligns with typical price behavior before a bearish breakout.
Conclusion:
If ETH breaks below the triangle support, expect a sharp drop toward $1,839.
If ETH breaks above the resistance, a bullish move towards $1,960+ could happen.
Traders should watch for confirmation before entering trades.
The price action is forming a symmetrical triangle, a pattern that typically signals a breakout in either direction.
The price is currently trading near the apex of the triangle, indicating an imminent breakout.
Key Levels:
Resistance Zone: ~$1,920
Support Zone: ~$1,839 (marked in blue)
Breakdown Target: If the price breaks below the triangle, ETH could drop toward $1,839 or lower.
Market Sentiment & Price Action:
The lower highs and higher lows show decreasing volatility, signaling a squeeze before a breakout.
A breakdown is more likely, considering the minor lower highs forming within the triangle.
A potential retest of the lower trendline before a drop aligns with typical price behavior before a bearish breakout.
Conclusion:
If ETH breaks below the triangle support, expect a sharp drop toward $1,839.
If ETH breaks above the resistance, a bullish move towards $1,960+ could happen.
Traders should watch for confirmation before entering trades.
Trade closed: target reached
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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.
Related publications
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.