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Ethereum Cracked Up 10% – Asymmetric Triangle Breakout

Besides BTC/USD which soared over 8%, the second most traded cryptocurrency pair ETH/USD cracked above the long-held resistance level of $142.

As you can see on the hourly chart, ETH/USD was stuck in an asymmetric triangle pattern which kept Ether in a narrow trading range of $138-$142.

At the time of covering this event, Ethereum has spiked over 10.63% to reach another strong resistance level of $155.56. The next resistance can be found around $161.750. Be very careful with your trading as there’s still no fundamental reason to justify this move.

Stay tuned to FX Leaders for latest updates. Good luck!

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Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
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