RLinda ! ETHUSD->Wedge on the global chart. What does this mean?
Updated
Ethereum is in a range between $1080-$1350. ETH is trying to start a recovery wave, a bullish pattern is forming on the global chart, but there is no confirmation point for the realization of the setup yet.
Ethereum made another attempt to overcome the $1150 support level, but the bulls did not let the price go lower.
On the hourly chart of ETH, there was a break above the key bearish trend line with resistance around $1165.
The coin can start a decent recovery wave towards the global downside resistance from November 2021 if there is a breakout of the $1200 resistance level
Right now, the price of ethereum faces resistance near $1200 and the 50-day simple moving average. The first major resistance is near the $1220 level of September 21, 2022.
A close above the $1,220 resistance level could start a decent recovery wave, in which case I would expect the wedge resistance to retest. From a global perspective, a break-up of the wedge will coincide with a break-up of the global resistance, which can trigger a strong recovery.
The next important target is the peak area of the volume profile, which is at 1350, and a break-up of this area can send the price to 1580.
Is a fall possible?
If ETH fails to rise above the $1,200 resistance level, a new bearish wave to wedge support could begin. The price acts within a range, it is difficult to talk about a fall above or below at the moment, we need to watch the price reaction to the critical zones.
Regards R. Linda!
Ethereum made another attempt to overcome the $1150 support level, but the bulls did not let the price go lower.
On the hourly chart of ETH, there was a break above the key bearish trend line with resistance around $1165.
The coin can start a decent recovery wave towards the global downside resistance from November 2021 if there is a breakout of the $1200 resistance level
Right now, the price of ethereum faces resistance near $1200 and the 50-day simple moving average. The first major resistance is near the $1220 level of September 21, 2022.
A close above the $1,220 resistance level could start a decent recovery wave, in which case I would expect the wedge resistance to retest. From a global perspective, a break-up of the wedge will coincide with a break-up of the global resistance, which can trigger a strong recovery.
The next important target is the peak area of the volume profile, which is at 1350, and a break-up of this area can send the price to 1580.
Is a fall possible?
If ETH fails to rise above the $1,200 resistance level, a new bearish wave to wedge support could begin. The price acts within a range, it is difficult to talk about a fall above or below at the moment, we need to watch the price reaction to the critical zones.
Regards R. Linda!
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