Ethereum's rally risks exhaustion as ETH price hits key resistance level.
Ether's 40%-plus price rally since July 13 also had its price break above a critical horizontal resistance that somewhat constitutes an"Ascending triangles are typically continuation patterns. But in some cases, ascending triangles can also appear at the end of a downtrend, thus leading to aScott Melker, an independent market analyst, considered ETH's bullish exit out of its prevailing ascending triangle pattern as a sign that it would rally further.
Ether has already broken above $1,284 and is in a breakout zone. Nonetheless, its close above the ascending triangle's upper trendline has not accompanied a rise in trading volumes. That suggests a weakening upside momentum, i.e., a fakeout.Therefore, ETH's price risks a reversal toward the triangle's upper trendline near $1,284 as support.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
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