Ethereum has broken out of a intraday technical pattern

Ethereum is trading 1.3% higher today and the major cryptocurrencies are mixed.
The descending wedge formation on the one-hour chart has just been broken.

Rajan Dhall, MSTA FX Daily

There has been some buying volume going through Ethereum which has caused the pattern on the one-hour chart to break to the upside.

On Saturday when the market pushed higher Ethereum failed to test the 200.00 level.

Since the market has moved into a corrective consolidation phase between 200.00 and 173.86.

The pattern break on decent volume could indicate a move higher is on the cards.

Author

Rajan Dhall, MSTA

FX Daily

Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.

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