Ethereum Price Weekly Analysis – ETH/USD Approaching Break

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Key Highlights

  • Ethereum price after a solid decline towards the $11.48 level against the US Dollar found support.
  • There is a critical contracting triangle pattern formed on the 4-hours chart of ETH/USD (data feed via SimpleFX), which may provide us the next move.
  • There is a chance of the price heading higher towards the 100 simple moving average on the same chart.

Ethereum price after the recent losses started finding bids, and it looks like there is a support forming on the downside for a minor correction.

Ethereum Price Correction

Ethereum price ETH fell sharply this past week against the US Dollar and surprised many traders. It traded as low as $11.48 where the bulls appeared and prevented further losses. The price is currently forming a critical contracting triangle pattern on the 4-hours chart of ETH/USD (data feed via SimpleFX). It may play a major role for the next move in the near term. The upper trend line of the triangle pattern is also coinciding with the 23.6% Fib retracement level of the last drop from the $13.34 high to $11.48 low.

So, the triangle resistance holds a lot of importance in the near term. The last couple of candles are positive, and the pair

Read more ... source: NewsBTC USA

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