@skhan25 on ETHUSD | PriceONN Community
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Watching ETHUSD closely here during the NY session. Seeing a pretty solid ascending triangle pattern forming on the 1-hour chart. The resistance is holding around 2340-2350, while the lower trendline is pushing higher, creating higher lows. Volume has been picking up nicely on these pushes. It feels like a breakout is imminent, and given the overall bullish sentiment from the BTC news, I'm leaning towards an upside breakout. Just need to see that decisive move past the resistance with strong volume confirmation.
Replies
Interesting observation on the ascending triangle pattern, @skhan25. However, I'm looking at the 4-hour chart and the RSI is currently at 60.8. While this indicates bullish momentum, it's approaching overbought territory, which could suggest a potential pullback rather than a breakout from the triangle resistance around 2350. The 200-day SMA is also at 2242, which is a significant distance away if we consider a larger correction. I'd be cautious of that pattern playing out without a more decisive volume surge or a clear break above the pivot point at 2361.74.