Ethereum: Short rising wedge, long golden cross
- ETH bearish short term but bullish long term.
- Equal opportunity for bulls as well as bears to grab.
Ethereum, the second largest cryptocurrency by market capitalisation, has formed technical patterns on the short term as well as long term charts that would provide equal opportunity to bears as well as bulls to take the battleground in their control.
ETH/USD is up half a percent on day at $175.07 and trading in just about one percent range for the day. On the hourly charts, the crypto is forming a rising wedge - potentially bearish for the prices in the immediate term which could result in sharp downtick once the prices break on the downside.
However, the formation of golden cross which has just occured, would provide some relief for the bulls and they won't spare this opportunity provided by the bears when prices sink lower.
BTC/USD 60-minute chart:
BTC/USD daily chart:
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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.
