As can be seen from the graph ETHUSD were in quite flat, especially for crypto, price dynamics. It was consolidation near maximum level. Mosty it's high growth pattern. Now ETH is going by triangle pattern. And there is 2 possible scenario: breaking the support of triangle line and confirmation of downtrend by RSI and MACD. And senario with higher probablitiy about breaking the resistance line and go to the 390 resistance level. Why i guess, that go up is more possible? FIrst reason: money is going from bitcoin. People sold it after fork canceling. Money goes to altcoins Second reason: incoming ETH fork in january. POS algorythm an private blockchain. I guess, we will see big movement soon. First take profit target: 390 usd. So, what you think? Write under this idea you opinion Thank you
I totally agree with the consolidating triangle. I saw picked up on the pattern and this is what led me to read the posts. Like you have mentioned, the only issue with this formation is the 50% chance of a rise or a fall. The only thing we know for certain, is it will soon break out from this consolidation pattern.
DrJLT
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@MichaelNorris77, I agree with you. But also we need to keep in mind a third possibility: that this contraction of price ranges continues. Maybe it'll be good for the development of ethereum if its price remains stable.
There was almost a breakout three days ago. Then, the fall of btc dragged it down. This seems to show that the market sentiment is not decidedly bullish.
Personally, I think it needs a fall before it could gather momentum to grow again. If my count of waves is correct, $240 or even $120 will be possible. However, judging from the past month, I can't say it will fall, either.
MichaelNorris77
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@DrJLT, This current consolidating triangle could go on for a while. I mark it as being active since July 16th. I am not in the story as to why or what is causing it to remain consolidating, I am just noting the technicals.
This "almost breakout" you are speaking of created the 5th or 6th, depending on what you see, hit on the triangle.
I am not saying it will fall, but if it does, I see support at the $262- $258 level and the next support at $228.
DrJLT
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I think it'll rise, but hopefully it can fall first. My first target is $240, then $400.
Ayohan
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@DrJLT, It will not go that far. $290 at the lowest.