ETH-“Converging Triangle Establishing”

12-Hour Analysis:

Big Picture: Similarly, Ethereum’s price behavior remained volatile. Ethereum is also forming a converging triangle pattern. Breakout of this pattern would most likely extend the ranges on both ends considerably. A bullish breakout would drive price higher into above resistances, while a bearish breakdown would put the dynamic EMA supports under test.

On the Upside Ethereum is still under resistance from the 1820 and 1830 resistance levels. Surpassing them would result in a short-term breakout with an objective of 1860. Beyond 1860, strength takes Ethereum towards the major resistance levels of 1880 to 1920. At these levels, aggressive profit-taking and possibly fresh sellers are expected.

On the Downside Ethereum has a variety of support levels ranging from 1780 to 1770. Initially, horizontal supports are preserving the price between 1790 and 1780. Below them, the price is supported by the dynamic EMA-200 at 1770. These are solid support levels, and unless sellers can overwhelm them, additional fall is improbable and unsustainable. A break below these supports would be a significant milestone for selling, leading to additional decline.