ETH potential breakout from symmetrical triangle
Within a medium term ascending channel and also within a shorter term symmetrical triangle who's apex coincides with the ascending channel's support. Expecting a breakout to the upside with a potential rise up to $290 (near top of channel, near previous high, matches the height of the triangle). 4H MACD is also just going above 0 after extended consolidation and 4H RSI is breaking above 50. Additionally, there is an inverse head and shoulders pattern under development with the second shoulder being worked on right now. $215 coincides with the neckline of the pattern and the symmetrical triangle's resistance. The IHS pattern may help strengthen the break of the triangle to begin an upward trajectory towards near $290.
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IHS ended up playing out the symmetrical triangle's resistance has been broken. Additionally, the 1D MACD has just crossed above 0 and has room for growth. 4H MACD seems a bit over-exhausted so a retest around $215-220 levels before a continuation seems likely. Time frame for projected rise would be extended in such case.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.