ETH Triangle Trade
It’s been a frustrating time for crypto bulls recently. The current “crypto winter” as its been called has seen major digital coins, such as Ethereum, shedding value over the year so far. Recently, however, the downturn has paused and price action has settled into ranging activity. ETH has been trading within a broad contracting triangle pattern which poses heavy two-way risks and suggests that the resolution from this pattern will either be make or break for ETH.
Technical Views
The current rebound in risk assets is helping cryptos rebound. The key to whether we see a sustained break higher, however, likely depends on Russia and Ukraine agreeing some sort of cease-fire/peace deal. If such a deal can be done, ETH will likely break to the topside with a move through 3310.5 targeting a test of 3707.5 initially and 4149 above. To the downside, however, if price breaks below the 2422 level, the focus will be on a push lower towards 1715. Such a move would likely happen is peace talks fail or if the violence steps up, perhaps with another country becoming involved in the conflict.
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With 10 years of experience as a private trader and professional market analyst under his belt, James has carved out an impressive industry reputation. Able to both dissect and explain the key fundamental developments in the market, he communicates their importance and relevance in a succinct and straight forward manner.