ETHUSD → Global ascending triangle. Retest 2020

22 июл. 2023 г.

ETHUSDT is forming an interesting situation. For more than a year the price has been trading under the strong resistance of 2020. After a while we begin to realize that this level is the upper boundary of the ascending triangle.

This pattern can be interpreted as consolidation of potential by dynamic buyers with the purpose of possible overcoming the resistance and reaching new tops.
A symmetrical triangle has been forming for several months as well.
The price is in consolidation and on the background of bitcoin correction the price may form a decline to the support of the pattern.
MA-200 clearly outlines the ascending support of the bullish triangle, which only strengthens the essence of this formation.
In the medium term, the price may either make a false breakdown of the local support line or decline and retest the MA-200 and trend support.
The further target is growth with the aim of breaking through 2020 and strengthening to 2450.

Support levels: 1875, 1830, 1800
Resistance levels: 1938, 2000, 2020
I expect the correction to continue to the nearest support levels from which a reversal and resistance retest may follow.

Regards R. Linda!