Can ETH price escape the confluence zone or not?

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Traders should pay much attention to the possible upcoming scenarios for ETH price

According to chart H1, ETH/USD pair has been moving in a bearish channel and is hovering uncertainly near the upper trend line. As marked in the purple trend lines, the Rising Wedges pattern was formed with the dome-shaped trading volume and the cryptocurrency price broke out the lower trend line and tumbled. However, a pullback appearance caused the hesitation among novice traders. The ETH price is now moving in a confluence zone and there will be a strong movement when the cryptocurrency price can escape this zone.
There are two scenarios for ETH price. It is possible for the cryptocurrency price to slide down to the starting point of the Rising Wedges Pattern, as well as to put a stop to the Elliott Declining Wave. On the other hand, the ETH price can break through the upper trend line and climb to the level of $734. At this stage, if the ETH price turns back and falls, we can expect the setup of the Triple Top. On the other side, if the cryptocurrency price can rally above the Fibonacci Retracement level of 50%, there islikelihood for the ETH price to tick-up to the level of $765.

Written by nami.today

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