FX.co ★ Ethereum to make triangle breakout

Ethereum is rising higher at the time of writing. ETH/USD climbed as the price of bitcoin managed to grow in the short term as well. The price of Ethereum increased by 13.90% from 2492.98 Sunday's low to 2839.59 today's high.

Technically, the price action developed a major triangle pattern, so we'll have to wait for a valid breakout from this pattern. In the short term, it could extend its sideways movement.

ETH/USD Strongly Bullish!

As you can see on the H4 chart, the ETH/USD ignored the downtrend line after failing to make a new lower low or to retest the triangle's support. Now, it may hit the triangle's resistance which represents a dynamic obstacle.

It remains to be seen how ETH/USD will react around the triangle's resistance. Personally, I would have liked to see a downtrend line retest before resuming its growth. After its strong growth, we cannot exclude a temporary retreat.

ETH/USD Outlook!

A valid breakout, jumping, closing, and stabilizing above the triangle's resistance may activate a larger swing higher. An upside breakout from the current pattern could bring long opportunities.