ETHUSDT Symmetrical Triangle

5 Mar 2023

ETHUSDT: Symmetrical Triangle


At the moment, a symmetrical triangle pattern has formed on the chart. In total, there are 3 types of triangles:

1. Downward - starts from the support level and moves down with a gradual update of the lows.
2. Rising - starts from the resistance level and moves up with a gradual update of the highs.
3. Symmetric - the price fluctuates between local highs and lows with a gradually "fading" amplitude.

Exits from a symmetrical triangle can be either up or down, depending on which level breaks first. If the price of an asset breaks through the resistance level, then this indicates that an uptrend is starting in the market. If the price of an asset breaks through the support level, then this indicates the beginning of a downtrend.

It should also be noted that the symmetrical triangle can only be applied in certain market conditions, when the price of an asset is in a sideways trend and does not have a clear direction, as it is now.

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21 Mar 2023

Not

ETHUSDT
Update

As we already mentioned, exits from a symmetrical triangle can be either up or down, depending on which level breaks first. If the price of an asset breaks through the resistance level, then this indicates that an uptrend is starting in the market.

Before breaking through the resistance, the price went down approximately to the middle of the triangle, from where it had already caught the impulse. The penetration was clean: First, we got momentum and broke through the resistance, threw the price even higher, after which the entire growth was filled with a long squeeze. The price rolled back under the bar and retested.

Now we will probably have a new retest of support at $1700, from where we can already catch a local high and exit even higher.

But if the support is broken, then all long-term sentiment will collapse like a house of cards.

5 Nis 2023

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ETHUSDT
Update

As we wrote in the previous analysis, the price of ETH will still test the $1700 level, after which we will see a rebound and cross.

Ethereum caught 12% net growth.

If you held a short-term position, then you should think about fixing the part.

The next resistance, both technical and psychological, is at $2,000.

14 Nis 2023

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ETHUSDT
Update

The psychological level of 2000 was still broken. During this time, Ethereum has risen by 23% from the resistance of the wedge.

The next target is at 2405. Nevertheless, there is almost no liquidity up to this level, which gives reason to doubt the further movement.

But the whole market will still go for BTC. We focus strictly on the situation!

25 Nis 2023

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ETHUSD
Update

After breaking through the 2,000 psychological level, buyers were still trying to push the price higher.

The attempt was unsuccessful and a consolidation zone formed at the level of 2100-$2150.
After the sellers gave a long squeeze, thereby breaking through the psychological level.

At the moment, it is worth considering the $1700 level as the main support, where, under favorable conditions, you can look for a rebound. If this level is also broken, then the price will fall to the support of the triangle at $1600. We will keep you posted on the developments, and if there are significant changes, we will write another update.