Ethereum Price Remains Sideways With No Signs of Breakthrough

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.

Think we missed something? Please share with us in the comment box below.

Share Your Opinion, Write a Comment