Ethereum (ETH) Price Analysis: On The Lookout For A Breakout
Ethereum is consolidating in a symmetrical triangle and might be to break out soon.
After the strong moves in the previous month, Ethereum is now consolidating inside a symmetrical triangle pattern as bulls and bears wait for catalysts. Price is approaching the peak of the formation so a breakout might be due soon.
The 100 SMA is above the longer-term 200 SMA to hint that the path of least resistance is to the upside. In other words, an upside break might be more likely to happen than a downside break. The chart pattern is around $80 tall so the resulting move could be of the same size.
RSI appears to be slowly making its way down, indicating that sellers have the upper hand. This could lead to a break below the $290 triangle bottom, which is also around the 200 SMA dynamic inflection point. Stochastic was on its way up to show the presence of buying pressure but seems to be turning down also.
