Monday, March 27

Can Ethereum Price Reach $4,000 After Bounce Off Triple Support? By CoinTelegraph

©Reuters. Can Ethereum Price Reach $4,000 After Bounce Off Triple Support?

Ethereum’s native token Ether (ETH) appears poised to continue its ongoing bounce move towards $4,000, according to a technical setup shared by independent market analyst Wolf.

Classic bullish reversal pattern in the making? The pseudonymous chart analyst discussed the role of at least three support levels in ETH’s price surge by almost 30% from its local low of $2,160. These price lows included a 21-month exponential moving average, the 0.786 Fibonacci level of a Fibonacci retracement chart plotted from a low of $1,716 to a high of $4,772, and the lower bound of an ascending triangle pattern.

Daily price chart of the pair with the three supports. Source: TradingViewWolf noted that the triple support scenario could push Ether price to $3,330. In doing so, the confluence would trigger a classic bullish reversal setup, called an inverse head and shoulders (IH&S) pattern.

Read the full article on Cointelegraph

Legal warning: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.