- Ethereum extends its sideways movements inside a symmetrical triangle shape.
- According to the crucial technical pattern, the altcoin shows price indecisions for now.
- ETH looks to form a local bottom, waiting for a 16% rise.
Ethereum, the second-largest crypto after Bitcoin, shows price uncertainty at the moment. The altcoin has printed a price chart pattern suggesting indecision. However, regardless of such attitude, Ethereum seems ready for an upward move.
ETH Aims a 16% Rise
Ethereum has proven to have unpredictable moves recently as its price remains sideways since 19 May. According to its daily price chart, Ethereum looks to form a symmetrical triangle formation. That highlights incoming short-time indecision.
On 17 July, yesterday, the daily candlestick indicated a local bottom, affirmed by the lower border of the price pattern. At the moment, the leading altcoin prepares for an upside bounce after the MRI (Momentum Reversal Indicator) show buying signals on 16 July. The crypto asset has magnified chances to witness near-term price reversal.
For now, market analysts expect the ETH price to tag the Fib Extension level at 38.2% and $2,065, overlapping with the 200-d SMA. Increased bullish momentum will undoubtedly support the promising aspirations by Ethereum.
If ETH’s price manages to claim the support level mentioned earlier, Ethereum bulls might expect the altcoin to aim at the upper border of the triangle around $2,284. Remember, the level corresponds to 50-d SMA and the 61.8% Fib extension.
As much as the leading chart pattern indicates that ETH might extend its side-ways moves, a massive buying pressure spike might push the altcoin’s value to $2,972, an uptrend objective from the symmetrical triangle.
On the other part, if bears manage to control the ETH market, the alternative asset might claim significant support around the 23.6% Fib extension at $1,930 before plunging to the $1,800 support line provided by the Momentum Reversal Indicator.
Increased selling pressure might have the favorite altcoin dipping to the demand territory ranging between $1,600 and $1,700. Meanwhile, if Ethereum fails to maintain this support zone, the probability of a 35% maximum bearish occurrence would be high.
What do you think of the indecisiveness controlling ETH at the moment? Feel free to comment in the section below.
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