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:
Author
Manoj B Rawal
Independent Analyst
Manoj B Rawal, financial markets professional with about 11 years of experience in writing, editing and advising on stocks, currencies and fixed income.
