We could not find any results for:
Make sure your spelling is correct or try broadening your search.

Trending Now


It looks like you aren't logged in.
Click the button below to log in and view your recent history.

Ethereum Poised for a Potential Breakout

Share On Facebook
share on Linkedin

Since April, Ethereum has successfully defended its support level of 1817.0, with all attempts to breach it proving unsuccessful. Currently, Ethereum is trading within a range, constrained below the supply level of 1900.0. The formation of a symmetrical triangle, characterized by lower highs and equal lows, suggests an impending breakout. This pattern has materialized on the 24-hour chart, indicating the market’s readiness for a significant price movement.


Key Levels for ETH
Demand Levels: 1817.0, 1650.0, 1550.0
Supply Levels: 1900.0, 2000.0, 2100.0
Ethereum Poised for Potential Breakout

Indicators Analysis

In April, the Stochastic indicator signaled the exhaustion of buyers as the price of Ethereum reached 2130.0. This exhaustion led to a sharp decline in price. Subsequently, the daily candles, which had previously been above the Moving Around (periods nine and twenty-one) since an early May crossover, shifted below it. The Stochastic is not yet oversold, suggesting that there is still potential for further price decline, potentially breaking the support level of 1817.0. A breakout above the bearish trendline, on the other hand, could indicate a resumption of the bullish trend.

In summary, Ethereum’s strong defense of the 1817.0 support level has led to a consolidation phase below 1900.0. The formation of a symmetrical triangle on the 24-hour chart indicates an upcoming breakout. The Stochastic indicator suggests potential further price decline or a bullish trend resumption. Traders are closely watching these levels and indicators for Ethereum’s next significant move.


Learn from market wizards: Books to take your trading to the next level


CLICK HERE TO REGISTER FOR FREE ON ADVFN, the world's leading stocks and shares information website, provides the private investor with all the latest high-tech trading tools and includes live price data streaming, stock quotes and the option to access 'Level 2' data on all of the world's key exchanges (LSE, NYSE, NASDAQ, Euronext etc).

This area of the ADVFN.com site is for independent financial commentary. These blogs are provided by independent authors via a common carrier platform and do not represent the opinions of ADVFN Plc. ADVFN Plc does not monitor, approve, endorse or exert editorial control over these articles and does not therefore accept responsibility for or make any warranties in connection with or recommend that you or any third party rely on such information. The information available at ADVFN.com is for your general information and use and is not intended to address your particular requirements. In particular, the information does not constitute any form of advice or recommendation by ADVFN.COM and is not intended to be relied upon by users in making (or refraining from making) any investment decisions. Authors may or may not have positions in stocks that they are discussing but it should be considered very likely that their opinions are aligned with their trading and that they hold positions in companies, forex, commodities and other instruments they discuss.

Leave A Reply

Do you want to write for our Newspaper? Get in touch: newspaper@advfn.com

By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions

Support: 1-888-992-3836 | help@advfn.com

V: D: 20231002 17:56:26