Etheruem on Trendline Support. This is an update from previous analysis where we spotted a possible bullish reversal pattern we cited.
It has been a long trading week so I will make this brief. The trendline in question (one in purple) gave us support on two separate occassions. The trendline starts at 3.17 . The second more recent touch is at 7 give or take a few cents. The market may bounce from here to challenge $10 yet again. This is creating a bullish wedge in the pair. The targets for anyone bearish the pair haven’t changed either and are outlined by the fib levels.
The pair is currently range bound though (it should be noted).
On the bullish side we can see the wedge takes us above the $13 level. In what ever direction we move I will be sure to update you.
Take care and enjoy your weekend!
If you liked this article follow us on Twitter @themerklenews and make sure to subscribe to our newsletter to receive the latest bitcoin and altcoin price analysis and the latest cryptocurrency news.
Disclaimer: This is not trading or investment advice.
The U.S. Securities and Exchange Commission has approved Bitwise’s spot Chainlink ETF, marking the first…
Rumble and Tether have officially launched the Rumble Wallet, a self-custodial crypto wallet integrated directly…
BNB Chain is preparing to activate its Fermi hard fork on January 14 at 2:30…
Ethereum closes 2025 having firmly established itself as the secure foundation for an expanding digital…
Solana ends 2025 as one of the few blockchain ecosystems where revenue, assets, and trading…
Morgan Stanley has taken a decisive step into the regulated crypto investment market, filing its…