ETH/USD technical analysis: Ethereum is in an accending channel
|The price of Ethereum was at $96.65 on Monday. During the week, the price has declined and fell to around $88 area.
After the drop ETH/USD increased again but has currently been stopped out at the minor resistance level. The cryptocurrency pair is currently trading at $92.74 on FXOpen which is a 4.21% decrease overall.
On the hourly chart, the price action formed an ascending channel. Then a breakout occurred from the downside and another ascending structure appeared. All of these bounces are the part of a symmetrical triangle.
As the altcoin price is getting close to its apex, we are going to see a breakout soon and as this is a symmetrical triangle a breakout from both sides is equally probable.
The breakout from the upside is expected, as most likely that this triangle is a correction to the upside after a down move, which will continue thereafter.
If the Ethereum goes down, a retest of the prior low level at $82 would be a most likely scenario.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.