Ethereum price analysis: A try at breaking out, but bulls lack strength; Amazon partnering with Ethereum design studio Consensys

  • ETH bulls lack momentum to break out of inverse H&S pattern.
  • Amazon Web Services partnering with Ethereum's ConsenSys.

Opportunity has been knocking at Ethereum bulls' doorstep throughout the day on Tuesday but it seems their ears can't hear the knocks and in the process price is unable to cross past the neckline of inverse head & shoulders pattern formed in the short term charts of ETH.

ETH/USD is down nearly 2 percent at $713, a lot lower from day's high of $738.65, a level which the bulls should have tried hitting a bit more as that could have resulted in price crossing past neckline of an inverse head and shoulders pattern formed in 60-minute charts.

From the news perspective too, the clout and reach of Ethereum is crossing bigger boundaries as Amazon Web Servcies is partnering with Ethereum's design studio Consensys to make enterprise blockchains easier and faster to deploy, as reported by Coindesk.

ETH/USD 60-minute chart:

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.


RELATED CONTENT

Loading ...



Copyright © 2024 FOREXSTREET S.L., All rights reserved.