- ETH/USD is sitting above $200 amid dull directionless trading.
- Triangle breakthrough will define Ethereum’s fate.
Ethereum, the second largest coin by market value, is consolidating above $200 handle amid dull directionless trading. The coin has been pretty wild lately, reacting to regulatory comments and internal issues of Ethereum network. Apparently, the cryptocurrency market is entering a quiet phase at least until the US SEC announces its decision on Bitcoin ETF at the end of this month.
ETH/USD is 1% lower both on a daily basis and since the beginning of Thursday. The coin remains the worst-performing digital asset of top-10 on a monthly basis. Ethereum has a market value of $21.3B and the average daily trading volumes $1.7B, which is in line with the mid-term average.
Ethereum’s technical picture
Disregarding the sharp movement on Wednesday, caused by Bitcoin flash-crash, ETH/USD stays with a short-term triangle pattern while the breakout in either direction will shape the short-term trend for the coin. On the upside, the price needs to settle above $211 to get a chance for an extended recovery towards the recent peak of $230. On the downside, the support is created by $204 (lower line of the triangle) and followed by $200. Once below, the sell-off may continue towards $192 (September 17 low). The next support is registered at 4189 (61.8% Fibo retracement weekly). Considering that there are few significant technical levels below the current price, the trip to the North may turn out to be the path of least resistance.
ETH/USD, 1-hour chart
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