ETH-“Falling Wedge Pattern”

12-Hour Analysis:

Big Picture: Ethereum’s base foundation is now starting to look strong and could lead price into a breakout of the pattern. Bulls are now holding firm, and if this momentum keeps going, prices will likely shoot higher as Ethereum enters an aggressive phase once more. However, profit-taking is advised as the price approaches the recent highs and weekly levels.

On the Upside the initial resistance level for Ethereum is 2260. This level was posing challenges for the pair, and as soon as bulls get acceptance above it, a significant push higher remains in the cards, likely breaking 2280 easily and aiming for 2320, followed by 2380 to 2405 levels. Meanwhile, profit-taking at recent highs is to be expected; but, if optimism prevails, Ethereum may advance further into the 2480 to 2500 range.

On the Downside 2220 is a very recent addition towards the supports. Meanwhile, the next support levels are 2180 to 2170 levels, as well as the 12-hourly EMA-50. All of these are significant supports for the session and are expected to maintain the price intact for the prevailing session.