ETH/USD is trading around $1,770 in a sideways pattern looking very similar to a head and shoulders pattern with a neckline at $1,720-$1,700. Short-term support trend line has been broken and price remains below key resistance. The $1,700-20 level is key for the short-term trend.
Green line – support
Red line – resistance
Red rectangle – support neckline
Blue lines – size of decline if neckline fails to hold
ETH/USD has broken the green trend line support. This is one bearish sign. Price remains below the red downward sloping trend line. This implies weakness to break resistance. Price however remains above the horizontal support and neckline (Red rectangle). This implies strength and consolidation. Resistance is at $1,840. Break this level and price will push to new highs. Break below the rectangle support area and we next see price around $1,510.
The material has been provided by InstaForex Company – www.instaforex.com
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