Ethereum Price Analysis: Big chart pattern on the hourly chart
- Ethereum is trading 0.56% lower in a mixed Wednesday for cryptocurrencies.
- The hourly chart has produced a chart pattern that is being tested right now.
ETH/USD 1-hour chart
Ethereum has fallen once again on Wednesday but nothing compared to the massacre over the last few weeks. The pair has fallen around 11% year to date and over 59% from the yearly highs. Despite this, it seems the bears are still in control but only just as the market has started to consolidate just above the 100 level.
On the chart below, there is quite a large triangle that has been formed on the 1-hour chart. The price is now moving toward the apex of the pattern but it has been noted that the volume has dropped off in a big way. The resistance level to beat is around 113.16 while the major support is at 90.00.
Looking at the higher timeframe, the volume in March has been at its highest levels on the Coinbase exchange. It is hard to believe that the volume is at a higher level than the boom time in early 2018.
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Additional levels
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.
