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Ethereum (ETHUSD) Might be Gearing up for a Breakout

Observation: Triangle Congestion with Bullish bias

Courtesy of Tradingview:Bittrex

Courtesy of Tradingview:Bittrex

  • The daily chart shows a market consolidating after a sharp run up earlier in the year.
  • We can also see that the volatility has died down somewhat since that April-June pop.
  • But price is still staying above the 200-day simple moving average, which shows its bullish bias.
  • I think there could be an inflow towards ETH/USD around the Segwit2x fork in Bitcoin. 
  • These days, price has been very choppy within the session, as reflected by the many candles with long tails and barely any body. That means price moved up and down, but seem to always settle around 300. 
  • This uncertainty and triangle structure is begging for a pop, and I think it will be a bullish pop.
  • In that case, the 450 level will be in sight. 
  • I would also monitor the 250 level. A break below that would be cause to re-evaluate this bullish outlook.

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