FX.co ★ Ethereum Prints Symmetrical Triangle

Ethereum extends its sideways movement as the buyers failed again to push the price towards the former highs. The price tries to accumulate more bullish energy before jumping higher.

The downside seems limited but it could still decline a little to test and retest the immediate support levels before really developing an important growth. Bitcoin's price has slipped lower as well, so ETH/USD's decline is understandable.

ETH/USD Undecided!

ETH/USD failed to stabilize above the weekly pivot point (2,536.80) signaling exhausted buyers. Stabilizing under the pivot point could and below the 61.8% could indicate a further decline towards the triangle's support.

Also, its failure to approach and reach the downtrend line signaled strong sellers right now. Still, you should keep in mind that the drop could be only a temporary one.

Outlook!

A new higher high, a bullish closure above 2,641.49 high could indicate a potential upside breakout from the symmetrical triangle. Also, a false breakdown with great separation or a major bullish engulfing on the triangle's support, S1, could bring a long opportunity.

A larger upwards movement could be really validated by a valid breakout above the R1 (2,823.03).