The cryptocurrency market cap has risen from $263 billion to $276 billion in as little as six hours with Ethereum witnessing a 1.84 percent increase over the last 24 hours according to Coinmarketcap.com, with a price rise of 6.73 percent yesterday. The market cap has not seen this price level since June 22, 2018, signifying an overall consolidation.
However, the Ethereum price then retraced after reaching the upper line of the Symmetrical pattern in chart H1. Besides, the cryptocurrency price has touched each side of the pattern twice, indicating a solid pattern construction. We anticipate that a breakout will soon happen and the Ethereum price will experience a strong movement then. In order to navigate the breakout direction, we could take a look at longer timeframe to see the long-term price direction.
According to chart H4, the complex head and shoulder pattern seems to be confirmed as the cryptocurrency price ticked up right after reaching the key support line. As we analyze, there are two right shoulders to be established and the first one has already been completely shaped. Therefore, the formation of the second right shoulder is expected. Another tumble to the level of $420 then a bounce back to the level of $543 is the first scenario. However, we cannot leave out the case of an immediate climb when the ETH price can successfully cross above the resistance line of $487 and rocket.
In our own trading idea, the first scenario is our priority.
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