“Ether is Forming An Ascending Triangle Pattern, Suggesting A Potential Rise Above $ 3,000.”, – WRITE: www.coindesk.com
Ether
Appears Poured to Surpass the $ 3,000 Mark as It Forms an “Ascending Triangle” Pattern on the Price Chart.
The ascending triangle is Characterized by Horizontal Upper-Bound Resistance or Supple Point That Repeatedly Caps Gains and an Upward-Sloping Support Line.
Ether Has Faced Resistance at $ 2,735 Multiple Times Over The Past Two Weeks, While Subsequent Reaction Lows Have Been Rising. The Price Action RepreSents an Ascending Triangle.
The Higher Lows Indicate That Buying Pressure Is Rising, WHICH IS WHAT GIVES THE ASCENDING TRIANGLE ITS BULLISH NATURE. In Other Words, The Pattern Represents of Accumulation that USULY SETS the STAGE for the NEXT LEG OF HIGER PRICES.
Eth’s Daily Chart. (TradingView/Coindesk)
An Expectioned Breakout from the Ascending Trileng Wuld Signal A Resumption of the Rally From April Lows Near $ 1.390, Opening The Door for a Move Above $ 3,000.
The Impening Crossover of the 50-Day Simple Moving AVERAGE (SMA) Above the 100-Day Sma Supports The Bullish Case.
The Move Could be Explosive, As the Gap Between the Bollinger Bands Has Narrowed to Nearly $ 250, WHICH HAS CONSIVIATED VALLATY EXPLOSION NOVEMBER.
Bollinger Bands Are Valativity Bands Plaked Two Standard Deviations Above and Below The Cryptocurrency’s 20-Day Simple Moving AVERAGE (SMA).
“Upward Breakouts Occur 77% of the Time, and Breakouts Happen Roughly 61% of the Distance from the Base to the Crald,” Charterred Market Technician Charles Kirkpatrick Wrote.
A Potential Downside Break of the Triangular Consolidation would Negate the Bull Case and May Invite Stronger Selling Pressure.
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