The price of ETH has set a new all-time high on Wednesday by breaking the round level of 1500 USD. However, the market still seems to be moving within a key pattern that looks like a potential rising wedge. Its upper limit is being tested and we may wait for a potential breakout or correction if it is not broken.
What is more, we could spot a falling volume with the upward movement in the price of ETH/USD. It looks quite bearish right now. So if the upper limit within the wedge is defended the market may move back to the lines drawn through the bottoms.
It seems that only a strong surge in price may confirm that the market is in an upward trend without any barriers.
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Daniel Kostecki, Chief Analyst Conotoxia Ltd.
Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.
76.44% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
What is more, we could spot a falling volume with the upward movement in the price of ETH/USD. It looks quite bearish right now. So if the upper limit within the wedge is defended the market may move back to the lines drawn through the bottoms.
It seems that only a strong surge in price may confirm that the market is in an upward trend without any barriers.
________
Daniel Kostecki, Chief Analyst Conotoxia Ltd.
Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.
76.44% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.