Ethereum (ETH) Price Analysis: Ready For A Rising Wedge Break?

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Ethereum (ETH) Price Analysis: Ready For A Rising Wedge Break?

Post by RamboLambo » Thu Jun 21, 2018 8:32 am

Ethereum appears to be gaining a bit more traction on its climb as it formed higher lows and slightly higher highs, creating a rising wedge. Price is testing resistance so it could be due for a move back to support.

Price is also approaching the peak of the formation so a breakout could take place soon. The 100 SMA is above the longer-term 200 SMA to suggest that the path of least resistance is to the upside or that a break higher is more likely to happen.

However, RSI looks ready to turn lower to indicate a return in selling pressure. Similarly stochastic is moving down from overbought levels to show that sellers are regaining control while buyers take a break.

A move below the $530 level could be enough to signal a downside break and set off a drop that’s the same height as the chart pattern. On the other hand, a move past the $550 level could signal an upside breakout and spur a rally of around $90-100. ... dge-break/

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