The bullish continuation form on Ethereum’s ETH coin predicts that its price will surge above $1500 as we are reading more in the latest Ethereum news.
The second-biggest cryptocurrency broke above the consolidation price channel back on Wednesday as it broke the upper trendline on surging volumes. Now it seems that the channel is an Ascending Triangle which the traders see as a bullish continuation indicator. The Ascending triangle structure develops once an asset fluctuates between the horizontal resistance line to form swing highs and the rising trendline to form swing lows.
Therefore, the asset trades upwards before forming the structure, and the potential for continuing the trend much higher increases after the breakout move over the horizontal line. The breakout target lurks near the level at a distance equal to the length of the uptrend move previously recorded otherwise known as “Flagpole.” Ethereum formed a similar structure after its explosive move to the $1169 level. The Triangle pattern established a horizontal resistance line close to the $1127 with the pair exchange rate breaking the level to the upside during the EU Session back on Wednesday and reaching an intraday high of $1170.
The price entered a colored region again as shown in the charts and it held the history of sending ETH/USD lower because of a stronger selling sentiment. It now seems that the traders with the short-term outlook profited from the intraday top on Wednesday but the price remained above the horizontal line and signaled a potential to extend the breakout move upwards. Further breaks above the ETH session high of $1168 could prompt the traders to reach for the Ascending Channels’ breakout target. The flagpole level before the formation is around $395.
The bullish continuation form of the ETH coin puts the pair to a $1500 route and more evidence of the potential ETH rally comes from its retail demand. Alex Saunders shared a chart from itBit and said:
“Retail demand is absolutely sky rocketing for BTC and ETH with on track to smash their highest single-day volume of $110M. The general public is catching the magic internet money bug, just as a wave of institutional money has begun pouring in.”
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