Technical Analysis – ETHUSD remains directionless around 50-day SMA
June 8, 2023 11:27 am
ETHUSD (Ethereum) has been trading sideways in the past two months, hovering around its 50-day simple moving average (SMA). Moreover, the digital coin has been forming a symmetrical triangle pattern, indicating that a breakout could occur soon.
The momentum indicators currently suggest that near-term risks are tilted to the downside. Specifically, the stochastic oscillator is descending after posting a bearish cross, while the RSI dipped below its 50-neutral mark.
Should sellers try to push the price lower, the recent support of 1,778 could act as the first line of defense. Dipping beneath that wall, the price might slide towards 1,692 before the February support of 1,463 gets tested. A violation of the latter could set the stage for the March low of 1,368.
On the flipside, bullish actions could propel the price towards 1,928, which is the upper end of the price’s recent sideways trajectory. Conquering this barricade, the bulls might aim for the 2,020 hurdle. Failing to halt there, the price could then ascend to challenge the 1-year high of 2,142.
Overall, ETHUSD seems to be in a consolidation phase, but the formation of a symmetrical triangle suggests that this calm might not last much longer.
ETHUSD (Ethereum) has been trading sideways in the past two months, hovering around its 50-day simple moving average (SMA). Moreover, the digital coin has been forming a symmetrical triangle pattern, indicating that a breakout could occur soon.
The momentum indicators currently suggest that near-term risks are tilted to the downside. Specifically, the stochastic oscillator is descending after posting a bearish cross, while the RSI dipped below its 50-neutral mark.
Should sellers try to push the price lower, the recent support of 1,778 could act as the first line of defense. Dipping beneath that wall, the price might slide towards 1,692 before the February support of 1,463 gets tested. A violation of the latter could set the stage for the March low of 1,368.
On the flipside, bullish actions could propel the price towards 1,928, which is the upper end of the price’s recent sideways trajectory. Conquering this barricade, the bulls might aim for the 2,020 hurdle. Failing to halt there, the price could then ascend to challenge the 1-year high of 2,142.
Overall, ETHUSD seems to be in a consolidation phase, but the formation of a symmetrical triangle suggests that this calm might not last much longer.
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