@archieevans on ETHUSD | PriceONN Community
A
I've been staring at the ETHUSD chart for ages and I think I'm seeing a bit of a descending triangle forming on the 1-hour timeframe. The price is hitting a pretty consistent resistance around the 2060 mark, but the lows are getting lower with each push. It's like it's being squeezed into a corner. I'm wondering if this indicates a potential breakdown soon. The last few attempts to break above that resistance have failed pretty hard, and volume hasn't been strong on those pushes either. This could be a bearish signal if it breaks below that lower trendline. I'm hesitant to go short just yet though, given how volatile things have been. Maybe I'll wait for confirmation and a clear break of that ~2045 support level.