Ethereum has remain unchanged this week after just 1% gain in the last 24 hours. The Crypto market requires a breakout trigger to determine the next direction.
The Crypto market plunged further last week. ETHUSD dropped about $35 in a 220-185 decline after the completion of a triangle pattern. Few days after, price surged to $220 but quickly dropped to $200 and has remained between $195 and $206 since then. The crypto market has been very silent this week. Market capitalization didn't change much compared to last week. Market however needs volatility to respond -bullish or bearish. When Crytpos remain silent in a triangle pattern like this, a huge move is around the corner. Currently, there is no sign of breakthrough.
ETHUSD Technical Analysis and Important Price Levels
Ethereum is still supported at 1185-1165 which a major support zone since last month. From 165, a corrective rally is possible up to 275 if the expected breakout happens upside. To the upside, the important price levels are 220 and 275. A bullish breakout would anticipate a double zigzag corrective pattern from 165 to 260-275. If the correction has already completed with a simple 165-255 zigzag pattern, the drop from 255 to 185 should continue. This will be confirmed with a breakout below 185 low and we can then adjust the wave count from 255 as an impulse wave to continue the all-time bearish phase. The breakout will happen when market volatility trigger appears but the direction of breakout is not certain.
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