Manoj B Rawal
Independent Analyst
- ETH nears the breakout point of the triangle.
- So far ETH has been a laggard in the bounce.
Ethereum, the second largest cryptocurrency by market capitalisation, which has so far been a laggard in the bounce that we saw in the crypto world in the last few days, is nearing a barekout point of the triangle and after the breakout it should be able to cover up for the lost time.
ETH/USD is up about 0.2 percent on day at $470.79 and trading in less than one percent range for the day. On the 120-minute chart, ETH is sitting near the triangle breakout point, the confirmation of which would be once it crosses and sustains past $485.
Immediate support for the second largest crypto is now placed at $466 and then at $460.
ETH/USD 120-minute chart:
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