RLinda ! ETHUSD->Wedge on the global chart. What does this mean?

Ethereum is in a range between $1080-$1350. ETH is trying to start a recovery wave, a bullish pattern is forming on the global chart, but there is no confirmation point for the realization of the setup yet.

Ethereum made another attempt to overcome the $1150 support level, but the bulls did not let the price go lower.
On the hourly chart of ETH, there was a break above the key bearish trend line with resistance around $1165.
The coin can start a decent recovery wave towards the global downside resistance from November 2021 if there is a breakout of the $1200 resistance level

Right now, the price of ethereum faces resistance near $1200 and the 50-day simple moving average. The first major resistance is near the $1220 level of September 21, 2022.

A close above the $1,220 resistance level could start a decent recovery wave, in which case I would expect the wedge resistance to retest. From a global perspective, a break-up of the wedge will coincide with a break-up of the global resistance, which can trigger a strong recovery.
The next important target is the peak area of the volume profile, which is at 1350, and a break-up of this area can send the price to 1580.

Is a fall possible?
If ETH fails to rise above the $1,200 resistance level, a new bearish wave to wedge support could begin. The price acts within a range, it is difficult to talk about a fall above or below at the moment, we need to watch the price reaction to the critical zones.

Regards R. Linda!

Сделка активна

Сделка активна

Сделка активна

Сделка активна

Сделка активна