Ethereum: Triangle Consolidation with Potential Breakout Targets
what happened:
Double Top Formation:
A bearish reversal pattern is marked, showing two peaks at similar levels.
After completing the pattern, the price dropped sharply to meet the "target of double top" near $3,150.
Now:
Symmetrical Triangle:
The price is consolidating in a symmetrical triangle pattern.
This pattern is typically neutral and indicates potential breakout opportunities, either upwards or downwards.
Resistance Levels:
Support Levels:
Bullish Scenario:
If the price breaks above $3,550, the next target is $3,870, aligning with the triangle breakout target.
A continuation of the uptrend could follow as higher lows are forming.
Bearish Scenario:
If the price breaks below $3,320, the next support is near $3,150.
A further decline could lead to retesting $2,960 or lower.
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Current Outlook:
The price is moving sideways within the triangle, reflecting a phase of indecision.
Traders should watch for a breakout above or below the triangle to confirm the next trend direction.
Double Top Formation:
A bearish reversal pattern is marked, showing two peaks at similar levels.
After completing the pattern, the price dropped sharply to meet the "target of double top" near $3,150.
Now:
Symmetrical Triangle:
The price is consolidating in a symmetrical triangle pattern.
This pattern is typically neutral and indicates potential breakout opportunities, either upwards or downwards.
Resistance Levels:
- $3,550: This is the horizontal resistance line formed by the upper boundary of the triangle and previous consolidation highs.
- $3,870: The "target of triangle" is projected upon a potential bullish breakout, calculated by measuring the height of the triangle.
Support Levels:
- $3,320: Immediate support is found near the ascending trendline forming the triangle's lower boundary.
- $3,150: Previous support zone after the completion of the double top.
- Price Projection:
Bullish Scenario:
If the price breaks above $3,550, the next target is $3,870, aligning with the triangle breakout target.
A continuation of the uptrend could follow as higher lows are forming.
Bearish Scenario:
If the price breaks below $3,320, the next support is near $3,150.
A further decline could lead to retesting $2,960 or lower.
____________________________
Current Outlook:
The price is moving sideways within the triangle, reflecting a phase of indecision.
Traders should watch for a breakout above or below the triangle to confirm the next trend direction.
Note
as you can see the price rose toward the top line of the pattern!
Note
the breakout happened!
you can get a long position in the purpose of the higher level!
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telegram channel: t.me/melikatrader94
forex telegram channel: t.me/melikatrader94GoldForex
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