Technical Analysis February 02, 2021

An overview of the trading activities on the cryptomarkets. Studies on traded volumes, supply and demand situations, as well as periodic technical analysis of the most important crypto-currencies and indices, including the perspective of professional Traders.

Technical Analysis

Good Morning!

I have been receiving quite a few community requests to please have a look at ETH. Here you go...

Ethereum ETH$ (4h)

I have been feeling a bit worried about the bullish sentiment towards ETH$ for quite some time now. Over the course of last month, we started forming a potential rising wedge, which is a bearish pattern when resolved.

But within it, I started to see a potential ascending triangle (dotted line for the upper leg). With the combination of these potential patterns, there is a fairly clean opportunity to either trade the upmove or break to the downside.

I see continued bullish momentum above $1,440 - at least to the upper leg of the potential rising wedge.
If we break below $1,250, I will consider the rising wedge pattern as confirmed and look for further pressure towards the $1,000 level.

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