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16.06.202115:53 Forex Analysis & Reviews: Ethereum does not follow Bitcoin's rise and continues to trade sideways.

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Ethereum has been trading between $2,200 and $2,900 since the end of May forming a triangle pattern. Price is mostly moving sideways with no clear direction despite Bitcoin's recent bull run from $33,000 to $40,000.

Black lines- triangle pattern

Ethereum is trading inside the triangle as shown in the 4 hour chart above. The lower triangle boundary support is at $2,290. Breaking below this level will open the way for another sell off towards $1,770 and maybe lower. The upper triangle boundary resistance is at $2,735. Breaking above this resistance level price will be expected to move towards $3,060 as the first target and then towards $3,200 as a second target.

Alexandros Yfantis
Analytical expert of InstaForex
© 2007-2024

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