ETH-“Converging Triangle”

1-Day Analysis:

Big Picture: Ethereum is forming yet another converging triangle pattern formation. Overall, the sideways consolidation is considered to be healthy as long as price maintains the range’s supporting levels. Any breakdown from here would be a short-term setback for bulls as it would prolong the corrective duration, perhaps delaying the breakout opportunity.

On the Upside there is minor intra-day barrier between 1980 to 2000 levels. Any short-term strength over these levels drives the price towards 2050 and 2080. Meanwhile, 2080 will hold increased significance as it holds the possible triangle resistance at this level. Maintaining a stronghold over 2080 could turn out to be a breakthrough for the price, with the price aiming for 2140 initially, followed by 2160 and 2200.

On the Downside on the lower time frames, there is some intra-day protection at the 1965 level. However, Ethereum has superior supports positioned between 1935 to 1915. On the higher time frame, this area also has breakout-based supports. As a result, holding onto this region would be crucial for the price. If Ethereum can maintain this supporting range, it will be able to re-enter a better momentum, but if it loses this range, it will be forced to revisit lower supports at 1880, with the price being vulnerable to additional declines.