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$1000 acted as strong help for Ethereum
A triangle as a reversal sample reveals a bullish medium-term perspective
The rally on the small timeframes may proceed
The cryptocurrency market rebounded in 2023 after a bearish market in 2022. Bitcoin led the decline, and different cryptocurrencies, comparable to Ethereum, adopted.
The US greenback’s energy is a part of the explanations traders fled the cryptocurrency market. However different components additionally contributed to the so-called “crypto winter” from final 12 months. For instance, the FTX scandal left many traders with out funds.
However in opposition to all odds, the crypto market rebounded in 2023. Bitcoin is up near 50%, and Ethereum adopted.
So here’s a technical evaluation based mostly on the lengthy, medium, and short-term views for the ETH/USD. The place will Ethereum go subsequent?
ETH/USD long-term view
The one factor that strikes the attention on the month-to-month chart (apart from the large drop in 2022) is the sturdy help supplied by the $1000 degree. Typically, the spherical numbers provide help or resistance, and it seems to be the case right here.
The bigger the timeframe, the stronger the help or resistance is. This being the month-to-month chart, we shouldn’t be stunned that Ethereum bounced from help.
ETHUSD chart by TradingView
The medium-term perspective
Coming all the way down to the every day chart, the bullish bias stays. Ethereum consolidated above the help degree talked about earlier and shaped a contracting triangle.
This triangle acted as a reversal sample, as the value broke above the higher trendline. Subsequently, the top of the triangle ought to act as an invalidation degree for any lengthy commerce.
ETHUSD chart by TradingView
The short-term view
From a short-term perspective, the market seems to type a pennant. This can be a short-term consolidation sample often adopted by one other rally.
ETHUSD chart by TradingView
Nevertheless, till the value breaks increased, it’s tough to anticipate the market’s course on such a small timeframe.
Nonetheless, Ethereum shaped an inverse head and shoulder sample round $1,500. The bottom level on the sample ought to act as a warning sign for bulls, ought to the value attain it.
All in all, the optimistic momentum within the cryptocurrency market continues. Consequently, Ethereum’s technical evaluation has a bullish bias.
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