ETHUSD (ethereum) seems to be completing a symmetrical triangle within the 1,535 – 1,580 territory on the four-hour chart, formed by the resistance trendline that has been navigating the market to the downside since the August peak at 2,030 and the ascending trendline stretched from the previous low of 1,421.
The sideways trajectory in the RSI and the MACD is reflecting a neutral bias, though with the former standing marginally above its 50 neutral mark and the latter holding slightly above its red signal line, the bulls may have luck on their side.
In case the price pierces the triangle on the upside at 1,580 and closes above its latest high of 1,618, buying interest could intensify towards the constraining 200-period simple moving average (SMA) at 1,702. Another victory here could spark a new bullish wave towards the 1,800 barrier.
Alternatively, should the bears regain control below 1,535, the second most popular crypto could tumble towards the 1,445 support region, a break of which could promt an extension towards July’s trough of 1,355. Not far below, sellers may wait for a decisive close below the 1,300 – 1,275 restrictive zone before targeting the 1,300 round level.
In brief, ETHUSD is currently in a neutral mood. Any decisive move above 1,580 or below 1,535 could direct the market accordingly. Yet, in the bigger picture, only a rally above 1,700 would dissolve the negative trajectory.
