Ethereum is the world’s second, most famous blockchain network after bitcoin.
With a market cap of nearly $346 billion, Ethereum has come a long way since it first burst onto the cryptocurrency scene in July 2015.
For context, that market cap places Ethereum next to companies like Exxon Mobil, JPMorgan Chase, and Procter & Gamble.
And right now, Ethereum is close to completing an important chart pattern…
Once this pattern breaks out, there’s likely going to be a big move.
To see what I mean, here’s a daily price chart of Ethereum…
The pattern I mentioned before is a symmetrical triangle (blue trendlines). These trendlines will eventually come to a point known as the apex.
The closer the prices trade toward the apex of the triangle, the higher the odds are of us seeing an epic breakout.
Prices are now getting close to that apex, which means a breakout should happen soon.
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Whether prices break out to the upside or downside, we’ll be equally prepared.
When prices break out of a triangle, they typically travel to one of the two most extreme points from where the trendlines are drawn, depending on the direction of the breakout.
The first price level is down at $1,786, nearly 38% lower from where prices are currently trading (support).
The second level is up at $4,811, nearly 68% above where prices are currently trading (resistance).
So, keep a close eye on this price chart.
Ethereum has been trading sideways for a while. But if this chart pattern is any indication, that could change soon.
Happy trading,
Imre Gams
Analyst, Market Minute
Reader Mailbag
In today’s mailbag, Jeff Clark Alliance member Jorge, thanks Jeff…
Hi Jeff, good morning!
I’ve found a new passion in trading options. I mostly learned from watching your training videos. Thank you very much!
– Jorge G.
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