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This Ugly Technical Formation Could Spell Doom for Ethereum Bears

3/22/2020

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Ethereum, like Bitcoin and most other major altcoins, has been firmly caught in a consolidation phase over the past few days and weeks, which has led it to stabilize around $130 as bulls and bears both attempt to take control of the cryptocurrency. One analyst is noting that there are a couple technical formations that could allow the cryptocurrency to rally higher in the days ahead, with one of these formations potentially allowing it to bust through a key resistance region. It is possible that this bullishness will be invalidated if Bitcoin is unable to stabilize or climb higher in the near-term. Ethereum Enters Bout of Range Bound Trading as Market Consolidates At the time of writing, Ethereum is trading down just under 3% at its current price of $129, which marks a decline from daily highs of nearly $136, and only a slight climb from lows of $126 that were set earlier this morning. ETH appears to be closely tracking Bitcoin in the near-term, with the benchmark cryptocurrency currently trading sideways around $6,000. Because the entire crypto market is currently consolidating, it is probable that a massive movement is imminent in the days ahead. The key level that analysts are watching for Ethereum currently sits around $150, as a break above this level is imperative in order for the crypto to climb higher in the days and weeks ahead. Cold Blooded Shiller, a prominent cryptocurrency analyst on Twitter, explained in a tweet that he isn’t able to look upon ETH with a bullish perspective until it is able to decisively break above the $150 to $160 level. β€œI’ll start to speak more positively about ETH when we’re trading above here,” he noted. I'll start to speak more positively about $ETH when we're trading above here. pic.twitter.com/Zkt14UaSw1 β€” Cold Blooded Shiller (@ColdBloodShill) March 21, 2020 These Bullish Factors Could Lead ETH Significantly Higher  Josh Olszewicz, another well-respected cryptocurrency analyst, explained in a recent tweet that there are two key factors that could provide Ethereum with some upwards momentum in the days and weeks ahead. β€œ4h ETH: e2e setup brewing, needs a bit more time for a higher probability trade. ugly iHS possible too. SL = 130ish. TP = 170,” he explained. 4h $ETH e2e setup brewing, needs a bit more time for a higher probability trade ugly iHS possible too SL = 130ishTP = 170 pic.twitter.com/2Y0EKuYUov β€” Josh Olszewicz (@CarpeNoctom) March 22, 2020 If the β€œend-to-end” set up he references does play out, it is possible that the β€œugly” inverse head and shoulders pattern that is currently forming could be validated, further bolstering ETH and providing it with some significant upwards momentum. Featured image from Shutterstock.

Via https://www.newsbtc.com/2020/03/22/this-ugly-technical-formation-could-spell-doom-for-ethereum-bears/
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