- Ethereum testing key $2,000 level
- An ascending triangle or pennant formation suggests a breakout
- The US dollar’s momentum fading may contribute to the current market rally
Ethereum has been on a bullish run of late and shows signs of breaking out of a bullish continuation pattern. The pattern could be either an ascending triangle or a pennant formation, with the $2,000 level being the crucial point of resistance.
It is possible that the weakening of the US dollar against other G10 currencies could be driving the market rally. For example, EUR/USD has risen from 1.05 to 1.10 since March 15, and GBP/USD is currently trading at 1.25.
From a technical standpoint, it appears that Ethereum is likely to try and break through the $2,000 resistance level. Is it worth investing at this point? What are the best levels for setting up a risk-reward trade?
Ethereum Chart by TradingView
Ethereum on the Verge of a Bullish Breakout
March has been a strong month for Ethereum, with a bullish continuation pattern forming, either in the form of an ascending triangle or a pennant.
Such patterns are formed by consolidation below horizontal resistance. If the market is able to break through this resistance, the measured move is equal to the lengthened segment of the triangular formation.
This could alternatively be interpreted as a pennant, in which case the measured move points at $2,300. If this proves to be the case, the market should be stopped above $2,000, before continuing its upward trajectory. A conservative approach would be to place a pending order to buy the price at $2,000, with a stop at $1,800. The target could be set at $2,300, with 50% of profits booked and the rest trailed.
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