ETH-“Short-Term; Converging Triangle Appearing”

3-Hour Analysis:

Big Picture: Over the higher time-frames, Ethereum is attempting a major bullish outbreak. Bulls have enjoyed overwhelming domination over the previous few days and may expect more in the next hours to days. Meanwhile, in the short run, a converging triangular pattern is developing.  Although such patterns typically indicate continuation patterns in bullish conditions, however, risk management is still recommended given the multi-direction nature of the pattern.

On the Upside The sessions’ opening resistance levels are 2835 and 2850, respectively. If the price can sustain any strength over 2850, it can push for the 2880 to 2920 levels. However, these are powerful rounds of resistance for Ethereum and might pose a challenge to the bulls. Meanwhile, given the weekly bullish breakthrough, if Ethereum bulls can surprise the bulls once again, they may aim for 2965 next, followed by the psychological threshold of 3000.

On the Downside The initial support level has been raised to 2800. Below this level, there is more short-term support at 2765. Around these supports are lower-time frame dynamic supports of several EMAs. Meanwhile, for Ethereum, holding 2765 is critical since it prevents any potential developments of selling rounds. Any falls below 2765 could allow the downside to break into 2720 and 2680 levels.