Ethereum
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ETH end of correction with potential for a breakout ?

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Hi all,

ETH is still finding it to reach and break $230 as the overall bearish sentiment is making traders be careful with longs. The trading volumes are at their lowest point in 3 months, at around $5 billion on a 24-hour basis compared to $10 billion on June 2 for instances when the coin peaked at $253.

On the other hand, ETHUSD is in a symmetrical triangle right now, which is slowly, but surely going towards its point break. We can clearly see that the trading range is getting smaller with each move.

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Looking at the smaller timeframes there is a rising wedge on the 4-h chart that can send us back down to $216-$200 support after we failed to print a new higher high.
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This, however, won't change our general view of the trading pair, which is LONG

Going up to the weekly chart, I don't think we will go any lower than $220 in the current pullback. As you can see that level played a major role in the last 1 year. Here is the chart with important notes:
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We can also see that the current correction move is already exhausted making smaller candle bodies with high amplitudes of trading price. My bet is we will see a breakout pretty soon, so buckle up

Cheers

Feragatname

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