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Ethereum Technical Analysis: Chart Pattern Breakout.

Conclusion for today’s Ethereum analysis:

A breakout above 168.40 implies further higher prices in Ethereum.

Ethereum price analysis for today is examined on a logarithmic scale on the Daily timeframe, and previous analysis can be found here. Coverage of price action is from September 12, 2018 to current date. Bullish trendline in Ethereum is drawn on the chart to highlight the current momentum ever since Ethereum sold off from ~$255.00 to $83.17.

Ethereum analysis

168.40 indicates previous support for Ethereum that has presented resistance or selling point and therefore, change in polarity at the price level. A parallel line to the 168.40 price level is drawn across 104.42 to present a range bound movement in market action, with ellipses showing pivots used to establish the sideways movement in price.

March 5 to April 1 saw the price of Ethereum remain inside of an ascending triangle chart pattern with a breakout occurring today. The aforementioned chart pattern is ideally bullish and thus higher prices can be anticipated.

Conservative strategies for going long (buying) Ethereum involve waiting for price to breakout above $168.40. The width of the range bound price movement can also be used for projection of price upon breakout (above 168.40).

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Interested in Cardano technical analysis (ADABTC)? Checkout our previous free blog post here.

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