ETH/USD has a make or break technical pattern in the making

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ETH USD 4 Hour Chart

  • Triangle formation could lead to breakout in either direction
  • Recent higher low could suggest an upside breakout
  • Today’s cryptocurrency sentiment is bearish with all majors trending lower

ETH/USD (4-Hour) looks set to have come to a apex point after the move up to 215.00 was rejected last week. Today the ETC/USD price hangs around 206.75 in a lacklusture session but there are some positive signs as the stochastic moving averages have crossed over to the upside. The ETC/USD price has been making consecutive lower highs and lower lows on the 4-hour chart since the high of 239.69 which was hit on 6th August but once again those that look on the postive side would take note of the higher low created on 13th August. This means for the negative technical trend to continue the major support zone is at 203.25 would need to be broken. The next major support is lower down at 200.79.

The RSI indicator has also produced a major bullish sign after the trendline market on the chart broke to the upside on Tuesday. The RSI also looks like its about to cross the mid-line to the upside but is currently just under at 43. Today we are surely going to see if price is heading back down towards 200.00 or we indeed get a bullish break to the upside. If that is the case then 215.00 has been a formidable resistance and it may take some volume to break through it. 

 

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