Ethereum price analysis: Yet another crypto that wants to breakout
|- One big upside move and it breaks out.
- RSI oversold, respite for the bulls.
Ethereum, the second largest cryptocurrency by market capitalisation, just needs one big move on the upside to breakout of the pattern - falling wedge, or contracting channel or triangle, whatever one might call it.
ETH/USD is up more than 3 percent at $381, about 8 more percent away from the upper trendline channel resistance which the crypto needs to cross to break out of this downward move and enter a bullish phase which then could take the crypto all the way to four digit mark, but still some way off the all time highs seen earlier this year.
Extreme oversold RSI might help the bulls in taking control of the momentum. On the downside though, a move below $300-320 mark and all hell breaks will lose, crashing the prices way lower towards $200 mark.
ETH/USD daily 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.