Ethereum 4H chart shows the formation of a symmetrical triangle. So the question is can Ethereum break out above the $2.2k price mark this week.
At the time of press, ETH is trading above $2k per unit with price appreciation of more than 3% over the last 24 hours. Statistics from the CoinMarketCap show that 24h trading volume has increased by more than 44% which is a great thing to see after quite some time. Almost two weeks back we’ve seen major sellouts in the second-largest currency which led it to the $1800 support level. Let’s move to technical analysis to see can Ethereum break out above the $2.2k level this week.
Can Ethereum break out above $2.2k?
4H chart from tradingview shows the formation of a symmetrical triangle which is a trend reversal pattern. So two scenarios are possible; the first is that we might see a bull run and end this consolidation which has been going on for almost two weeks after major sellouts. ETH has major support around $1800 as indicated in the image.
The second scenario shows that ETH might break out downwards of the symmetrical triangle to continue its bearish journey. If this happens then we might see it going to $1500 levels but the chances of this happening are low. DYOR.