ETH – “Falling Wedge Pattern”

4-Hour Analysis:

Big Picture: Ethereum once again turns the tides with a strong response around the 50% Fibonacci levels. In addition, a falling wedge pattern has been noticed. If Ethereum can attain a bullish breakout, another wave of gains is anticipated in the coming hours. Going forward, the probabilities favor another 5-10% rise to the upside. To counteract such a scenario, bears must seek to limit a breakout of the wedge formation.

On the Upside Ethereum is approaching the falling channel resistance at 1600. This is a critical level to breach and maintain above. A clean break above this takes Ethereum to 1640, then to 1680. A continuation of momentum over 1680 is anticipated to pave the way for 1730, followed by 1780 and 1800.

On the Downside multiple reclaimed levels are to offer initial support. Initially EMA-50 at 1575 is offering that assistance. Following this next support is seen at 1560. Holding 1560 would be important as losing this level once again exposes price towards 50% Fibonacci level at 1455 followed by horizontal support at 1425.