Ethereum (ETH) News – Is Ethereum (ETH) poised for a breakout on the higher side after forming the inverted head and shoulders pattern? – Ethereum (ETH) technical price analysis September 29, 2018

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Ethereum (ETH) is trading around $ 230. It has been able to sustain at the higher levels quite easily. Today as well, it is up by more than 4% on an intraday basis. This clearly indicates that Ethereum (ETH) is able to sustain the momentum as well. The question which many traders, as well as investors, are trying to find the answer to is whether it can head higher from these levels or whether it will fall back below $ 200. We look at the Ethereum (ETH) technical price analysis September 29, 2018, to find more.

Ethereum (ETH) technical price analysis September 29, 2018:

Ethereum (ETH) is currently trading around $ 230. The 1st inverted shoulder which it had created is around the levels of $ 228.22. The inverted head was created around the levels of $ 227. The 2nd shoulder was created at levels similar to the 1st one. In between the 1st shoulder and the head, the neckline went all the way up to $ 235. Only when it is able to break $ 235 on the higher side, can there be a long trade. The target will be dependent on the difference between the head level as well as the highest point that is the neckline in the pattern. The distance between these 2 levels is approximately $ 8. That is, after crossing $ 235 on the higher side, you can keep a target of $ 8 on the upper side.

Moreover, the stoploss can be kept around the levels of $ 227. Thus, the trading opportunity which is being provided has an equal risk to reward ratio. The stoploss also stands at $ 8 and the target also stands at $ 8. Also, if the head level is broken on the lower side, the pattern will get distorted. In such a case, there will be no trade at all.

At the same point in time, you have to understand that before initiating the trade, it is a good idea to look at the volume indicator as well as the RSI indicator. These 2 indicators will help you in confirming the trade. They also increase the probability of trading successfully. This ensures that you are able to avoid all the false triggers as well. Also, instead of initiating a long trade, the moment the levels of $ 235 is broken on the higher sider, it is a good idea to observe the price and should it be able to sustain over $ 235 for a bit longer, thereafter only you should think about initiating the trade. This will ensure that you are able to avoid the impulsive trade.

Thus, if you do have been wondering where Ethereum (ETH) is headed from here on, these are the levels which you should be watching out for.

About Manish 352 Articles
I am an avid crypto lover and a electronics & telecommunications engineer by qualification. I follow the cryptocurrency & blockchain industry closely to focus on the latest news & developments.

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