Ethereum has broken out of a intraday technical pattern

  • Ethereum is trading 1.3% higher today and the major cryptocurrencies are mixed.
  • The descending wedge formation on the one-hour chart has just been broken.

 

There has been some buying volume going through Ethereum which has caused the pattern on the one-hour chart to break to the upside.

On Saturday when the market pushed higher Ethereum failed to test the 200.00 level.

Since the market has moved into a corrective consolidation phase between 200.00 and 173.86.

The pattern break on decent volume could indicate a move higher is on the cards.

Ether analysis

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