Conclusion for today’s Ethereum Technical Analysis:
A break below 157.01 implies resumption of bearish strength in Ethereum with lower prices anticipated.
Ethereum analysis for today takes a look at the chart patterns that are currently active and/or tentative to help guide long (buy) or short (sell) decisions based on future development of price action.
Ethereum chart presented is a 6 hour timeframe (log scale) with 3 main chart patterns for consideration that are discussed below. These are the rising wedge (diagonal), bearish channel and bullish price channel.
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The rising diagonal (wedge) pattern covers price action from 84.00 price low achieved on December 15, 2018 to the price peak established on April 08, 2019.
The bearish implication of this pattern suggests that price will re-visit the December 15 (84.00) price low as a minimum expectation. The condition to satisfy the price swing above is a confirmation of the pattern via price closing below ~148.07.
A parallel line to the lower boundary of the rising diagonal is also highlighted to establish a tentative bullish channel in Ethereum (ETHUSD) that can be monitored going forward should bullish momentum pick up and be re-established. Confirmation of the channel can help provide the basis for future projection or forecast in Ethereum price.
Last but not the least is the current bearish price channel that is active. This implies that its width is highly invaluable to provide estimates or target for price action upon price breaking above or below the channel.
Price closing below ~147.01 suggests that bearish momentum has resumed that will at least take Ethereum price to the lower boundary of the wedge and even lower.
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