Is Ethereum Price Approaching a Tight Range? A Breakout Towards a Potential Direction is Imminent!
The current market conditions continue to remain shaky as the BTC price failed to sustain above $19,000 during the early trading hours. Despite extreme bearish pressure, the price continues to trade close to the crucial resistance, signifying the coiling strength within the rally. However, the crux of the matter lies in the asset failing to rise above $1350 for over a week now.
Presently, Bitcoin appears to have increased its volatility with frequent attempts to test the $19,000 resistance zone. Once the star cryptos make it above these levels, the ETH price may also thrive beyond immediate resistance. Conversely, if the price fails to rise above $1350, then a notable drain may drag it below $1240.
As mentioned in the above chart, the ETH price continues to trade within a symmetrical triangle and is slowly heading towards the tight range or the apex. While swinging within the triangle, the ETH price carries the possibility of either a jump beyond $1380 or a drop below $1240 too. While the volume has apparently dried up, the probability of an upswing could be reduced largely.
Therefore, in the coming days, Ethereum’s (ETH) price may maintain its trade in the $1320 to $1350 range. An extended and intensified squeeze may result in a strong breakout, leading the price to get closer to its immediate targets on either side. Therefore, the upcoming monthly close may be more pivotal for the asset as well as the entire crypto space, which may determine the upcoming trend.