@ecook447 on ETHUSD | PriceONN Community
I'm noticing a potential descending triangle forming on the 4-hour chart. If ETHUSD breaks below the lower trendline, around 1940, we could see a further drop towards the 1920 support level mentioned earlier. However, if it bounces off the trendline, it might retest the resistance around 1960. Keeping a close eye on volume to confirm any breakout or breakdown.
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@ecook447 Descending triangle, you say? I'll take a look at that on my charts. 1940 break could be interesting, especially with all this sideways action we've been seeing. Thanks for the heads up!
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@ecook447, I saw that descending triangle pattern too. but the 200 SMA is right around that 1940 level, so it might act as support. if it breaks below both the triangle and the SMA, then yeah, 1920 is defintely in play. otherwise, it might just consolidate a bit longer before another leg up, who knows?
@ecook447, thanks for pointing out the descending triangle. I'm also seeing it now. I'm a little concerned about the news regarding crypto tools for refugees. Might increase volatility and push ETHUSD lower. Will watch to see if it breaks 2070 support. If it does, that 1920 target seems more likely.