ETH/USD 1D

As you can see in the chart above, Ethereum keeps building the symmetrical triangle that I draw weeks ago. As you can see it has just been rejected a $2.6k and if the bullish energies are not enough it will again go down to test $2.3k and again rebound until a breakout happens.

The market is currently in a really boring moment but the more time the boredom remains, the closer we are to a breakout. Taking in count how the actual news are I expect the breakout to be up and not down but as you already know, those market manipulators can always release some sort of narrative to justify a dump, so everything can happen.

Regarding economic important dates, this week is also boring and we only have EU CPI data on Thursday 17, 2024. Next week we have a little more events, like US Initial Jobless Claims, S&P Global Services PMI and New Home Sales. (You can check them here https://www.investing.com/economic-calendar/).

This is why I believe that another kind of news or just the market being the market will drive the price down again until we reach the corner of the symmetrical pattern until deciding where going next, to $2.8k or to $2.3k.

I still believe there is some room for more blood before a real rally. What do you think?

What is a Symmetrical Triangle?

It is a chart pattern used for TA that is basically formed when an asset creates a series of lower highs and higher lows closing toward a point, like the one you can see in the chart above. This two lines create a triangle that is an indication of a period of consolidation (boring) where the market doesn't know where to go and usually a signal that a breakout will happen once the price moves to the triangle boundaries.

🆈🅴🅰🆁 🅾🅵 🅴🆃🅷🅴🆁🅴🆄🅼

Disclaimer: The concept and ideas in this post come from my own thoughts and everything I have seen online during my three years in crypto. Any resemblance is purely coincidental.

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