Ethereum - ETH/USD 1H - January 6, 2025: Ascending Triangle, Big Move Incoming? ETHDONUTNOTETH 2mon ago by r/ethtrader

ETHUSD 1H Time to draw some beautiful lines on TradingView ETH/USD 1H chart. As you can see in the chart above things are starting to get warm and we might be on the verge of a big upwards move. As you can see Ethereum is currently forming an ascending triangle pattern which is a bullish continuation pattern after being rejected at $2300 support on Monday. The price is making higher lows (yellow trendline) while getting an horizontal rejection at $2800 resistance (red zone). If Ethereum achieves to breakout above this key level it could trigger an strong upward move. According to the MACD, it is showing a bullish momentum with the line above the signal line while Stochastic RSI shows us that ETH is overbought and might experience a short term bull back before breaking out. In a bullish scenario in which ETH breaks out above $2875 with strong volume would could be a signal for a long entry with ideal target zones at $3000 and more if bulls get strong. I would set a stop loss at $2800. In a bearish scenario in which ETH gets rejected and fails to break $2875, I would short it with a target at $2300 close to the support zone and setting a stop loss at $2900. Something is going to happen soon that will decide where the market is going next. I sense it in the Force. Ascending Triangle, Big Move Incoming? Disclaimer: The concept and ideas in this post come from my own thoughts and everything I have seen online during my three years in crypto. Any resemblance is purely coincidental. This is NOT a financial advice. submitted by /u/kirtash93 [link] [comments]