ETH-“Converging Triangle”

1-Day Analysis:

Big Picture: The consolidation of Ethereum within the pattern is currently in its tenth session. Bulls have been on the offensive and need to execute a breakthrough shortly, or else the strength could derail, allowing sellers an opportunity to capitalize onto which could possibly lead to a corrective drop before further breakout attempts.

On the Upside price attempted to break through the immediate resistance levels, but was unable to overcome the levels of 2040 to 2050, resulting in some intra-day pressure. If bulls are to progress further, they must be able to overcome this zone. Meanwhile, the short-term breakout levels are anticipated to be between 2070 and 2080, and a break above these is likely to pave way for the price to build some fresh momentum and go on to test the levels of 2140 and 2160.

On the Downside price is currently receiving support from levels ranging from 2000 to 1980. Despite failing to break beyond the 2050 level, Ethereum has managed to maintain its immediate supports. This is positive for the price since holding onto these supports would allow for another attempt at the immediate resistances. Meanwhile, continuous failure above would most certainly breakdown these key supports, resulting in an initial drop back towards 1935 to 1915 levels.