Ethereum price analysis: Breakout and breakout

  • Intra day 15-minute shows falling wedge breakout.
  • Price broke out of a triangle on Thursday.

Ethereum bulls are in a sweet spot as the technical parameters favours them. The price of the second largest cryptocurrency has broken out of two patterns on intra day 15-minute chart as well as daily chart, not a common sighting.

ETH/USD is up more than 2 percent at $507 and more than 26 percent for the week. This rally got further boost on Thursday when the price broke out of a triangle pattern on the daily chart. If that wasn’t enough of a reason for bulls to party, there’s a falling wedge breakout on the intra day 15-minute chart too. Icing on the cake is MACD moving into the positive zone on the intra day and nearing zero line on the daily.

For the triangle breakout, price target comes to around $1150-1200, while for the intra day falling wedge breakout, the price target comes to around $540. Immediate resistance is around $522 and the support around $502 and $475.

ETH/USD daily chart:

ETH/USD intra day 15-minute chart:

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