Ethereum market update: ETH/USD grinds closer to a triangle breakout

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  • Ethereum price has remained unchanged current market value since the weekend trading.
  • A breakout is expected in the coming sessions today as price grinds higher toward the triangle pattern resistance.

ETH/USD closed last week’s trading at $137. The weekend session was mostly characterized by stability. However, there was a slight retracement that found support marginally below $15.00. Ethereum price has remained unchanged current market value since the weekend trading.

The 1-hour chart shows the price below both the 50 SMA and the 100 SMA. The two Simple Moving Averages will limit upward movement from the support mentioned above. $138 is the immediate breakout point for Ethereum. Trading above this level could open the path to the second resistance at $140 before tacking mid-March resistance at $146.

Similarly, a breakout is expected in the coming sessions today as price grinds higher toward the triangle pattern resistance. As far as technical levels are concerned, the RSI shows that sellers will continue to control the price. Although the MACD is horizontal, it is stuck beneath the mean line (0.0) and needs a push back into the positive region for ETH/USD to gain momentum towards $140. Below $135 short-term support, Ethereum will find other support levels at $132, $129 and $122.

ETH/USD 1-hour chart

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