ETH/USD technical analysis: Ethereum rejects 180 after breaking technical pattern

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  • Ethereum is one of the outperformers in the crypto sphere today trading 5% higher.
  • The technical rising wedge pattern broke to the upside but failed to gather momentum.

 

Its been a pretty good session today for ETH/USD and most of the crypto pairs.

There was a rising wedge forming on the hourly chart below and the price pushed higher to break the pattern but failed to extend on gains.

There is a support level at 175.66 which could come into focus as the price reverts back to mean levels.

170 is the mean value price on the volume profile indicator on the left-hand side of the chart.

The high volume nodes at the bottom of the chart show higher selling volume on the downward moves, but despite this, the price moved higher.

The RSI indicator is still in positive territory and is not in the overbought zone so maybe after a retracement, we could get another push.

Ethereum Analysis

 

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