Another massive breakout for 
ETH as price reaches a high just short of 1600, marked by the arrow for clarification.
Support is currently holding around 1550 to prevent bearish piercing; failure could trigger a drop to ~1500 or the inner upper highlighted zone trendline.
A few adjustments have been made to the chart which will hopefully justify establishment of certain trendlines and patterns.
The outer highlighted zone (1) was raised to correspond with the recent high then reflected over the yellow centerline to create a bottom half.
The inner highlighted zone (2) was lowered slightly using the same reflection method on the bottom half to create a top half.
The difference between these two patterns was based on the prior ascending triangle buffer zone (3).
With this determined we can assume continued consolidation within the upper gap of the two patterns with 1500 acting as a low.
Furthermore, the lower boundary of the upper long-term zone (darker green) was dropped to reflect the long-term 'low' gap (see attached D1).
ETH as price reaches a high just short of 1600, marked by the arrow for clarification.Support is currently holding around 1550 to prevent bearish piercing; failure could trigger a drop to ~1500 or the inner upper highlighted zone trendline.
A few adjustments have been made to the chart which will hopefully justify establishment of certain trendlines and patterns.
The outer highlighted zone (1) was raised to correspond with the recent high then reflected over the yellow centerline to create a bottom half.
The inner highlighted zone (2) was lowered slightly using the same reflection method on the bottom half to create a top half.
The difference between these two patterns was based on the prior ascending triangle buffer zone (3).
With this determined we can assume continued consolidation within the upper gap of the two patterns with 1500 acting as a low.
Furthermore, the lower boundary of the upper long-term zone (darker green) was dropped to reflect the long-term 'low' gap (see attached D1).
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.