On Monday, for the tenth time since November 26, the ETH/USD exchange rate attempted to break a short-term upward trend line. But bulls held up near the support base, raising the potential of the pair in the coming hourly sessions to mark a rebound. Apparently, near a resistance level of $621, each rebound from the support trendline of the Ethereum token has been exhausted. Together both trendlines give the appearance of the form of an Ascending Triangle, a technical pattern considered bullish by traders.
A similar structure has been created by the Ethereum ETH token, confirmed by a horizontal resistance trendline followed by a rising one. The cryptocurrency now trades within the spectrum of the structure, only to the upside at a later breakout. Before the consolidation trend emerged, it was rallying upward.
Josh Rager, co-founder of Blockroots.com, a forum for crypto-trading education, observed that the convergence of ETH/USD within the Ascending Triangle pattern enhances the probability of forming a higher high. He noted that the next upward leg will be over $700 at least. “Ethereum is just grinding up slowly over the past month,” he explained. “If price can hold this trend and make its way back up to retest $610+ — I would expect the next move to be a higher-high With a push to over $700.”
As reporetd on newsbtc.com The consequential upside goal for Ethereum is approximately $762. Usually, the Ascending Triangle breakouts shoot the asset upwards by as much as the full height of the pattern.
