This is a daily technical analysis of the Coindesk analyst and rented market technician Omkar Godbole.
Ether
It seems ready to overcome the $ 3,000 mark, since it forms a “upward triangle” pattern in the price table.
The ascending triangle is characterized by the horizontal resistance of the upper part of the upper part or the supply point that repeatedly limits the profits and an ascending slope support line.
Ether has faced resistance to $ 2,735 several times in the last two weeks, while subsequent reaction minimums have increased. The price action represents an ascending triangle.
The highest minimums indicate that the purchase pressure is increasing, which is what gives the upward triangle its upward nature. In other words, the pattern represents the accumulation that the scenario usually prepares for the next section of higher prices.
An expected rupture of the ascending triangle would indicate a resumption of the demonstration since April about $ 1,390, opening the door for a movement above $ 3,000.
The Imminent Crossover of the Simple Mobile Average (SMA) of 50 days above the 100 -day SMA supports the upward case.
The movement could be explosive, since the gap between Bollinger’s bands has been reduced to almost $ 250, which has constantly foreshadowed the volatility explosion since November.
Bollinger bands are volatility bands placed two standard deviations above and below the simple mobile average (SMA) of 20 days of cryptocurrency.
“Ascending outbreaks occur 77% of the time, and the outbreaks occur approximately 61% of the distance from the base to the cradle,” wrote market technician Charles Kirkpatrick in his book on technical analysis.
A possible downward rest of triangular consolidation would deny the case of bulls and can invite a stronger sales pressure.
