Ethereum Price Analysis: ETH Rebounds From Triangle Support, Can The Next Run Push Us Higher?
By Yaz Sheikh
The recent rebound at the lower boundary has prevented ETH from slipping into a bearish trend, however, we still need to break above the triangle before we can even start to be considered turning bullish.
The next crucial level that ETH must break above is the $140 region which will then allow ETH to head toward $150 and above.
Ethereum witnessed a 6.8% price increase over the past 24 hours of trading as the cryptocurrency trades at $133.
ETH had been dropping over the past 3-days but managed to find support at the lower boundary of an ascending triangle.
The recent rebound at the lower boundary has prevented ETH from slipping into a bearish trend, however, we still need to break above the triangle before we can even start to be considered turning bullish.
Ethereum Price Analysis
ETH/USD – Daily CHART – SHORT TERM |
| ETH/USD. Source: TradingView |
Market Overview
Taking a look at the daily chart above, we can clearly see ETH failing to break the upper boundary of the triangle as it started to roll over during the weekend. Luckily, it managed to find support at the lower boundary which prevented the market from turning bearish in the short term.The next crucial level that ETH must break above is the $140 region which will then allow ETH to head toward $150 and above.
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