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Ethereum (ETH) is currently showing some interesting signs on the 1-hour timeframe. Let's break down what we're seeing:
Possible Double Bottom: The chart suggests a pattern resembling a double bottom, which can be a bullish technical indicator. However, confirmation is needed.
Descending Triangle: ETH is also forming a descending triangle pattern. This pattern can indicate a breakout in either direction, so further confirmation is required.
Here's what to watch:
Breakout: A clean break and close above the neckline of the descending triangle and the double bottom's resistance level would be a bullish signal, potentially leading to a price increase towards $3300 this week.
Invalidation: An hourly close below $2840 would weaken the bullish case.
What are your thoughts on ETH's current price action? Do you see a bullish pattern? Share your analysis in the comments below!
If you're enjoying this analysis, a thumbs up and follow would be greatly appreciated!
Ethereum (ETH) is currently showing some interesting signs on the 1-hour timeframe. Let's break down what we're seeing:
Possible Double Bottom: The chart suggests a pattern resembling a double bottom, which can be a bullish technical indicator. However, confirmation is needed.
Descending Triangle: ETH is also forming a descending triangle pattern. This pattern can indicate a breakout in either direction, so further confirmation is required.
Here's what to watch:
Breakout: A clean break and close above the neckline of the descending triangle and the double bottom's resistance level would be a bullish signal, potentially leading to a price increase towards $3300 this week.
Invalidation: An hourly close below $2840 would weaken the bullish case.
What are your thoughts on ETH's current price action? Do you see a bullish pattern? Share your analysis in the comments below!
Note
#ETHUSDT: Following the projection perfectly so far. Breakout and retest are done of the triangle. Now it is facing some resistance at the $3070 level. We need a clear break and hold above this resistance level for further upside movement.
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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.
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.