Similarly to BTC
, ETH is probably forming a horizontal triangle, in fact, a huge one whose targets are astronomical, ~$4000 if it breaks to the upside, $1240 if it breaks to the downside. The upper resistance matches another important level, the EMA
ribbon, which ETH is right now battling against, therefore, if ETH were to break to the upside, we would technically be bullish
Another important thing to notice is the decreasing volume
, which is a clear indication that ETH is preparing to make a movement. Either direction, it is important to wait until we have a significant volume
that confirms the breakout.
Remember to trade safely and let me know what you think about this idea.