Ethereum is hesitating on its recent climb as it consolidates in a triangle pattern with its lower highs and higher lows. Price has just bounced off the top and looks due for a test of support.
The 100 SMA is currently above the longer-term 200 SMA to confirm that the path of least resistance is to the upside. In other words, support is more likely to hold than to break or resistance is more likely to break than to hold. The 100 SMA also appears to be holding as dynamic support as well.
Stochastic is heading higher to signal that buying pressure is in play, but the oscillator is closing in on the overbought zone to reflect exhaustion. RSI is cruising sideways to reflect consolidation, which might carry on as ethereum has yet to make it to the peak of the triangle pattern.
Cryptocurrencies had a lot to go on in the previous week but are now waiting for more positive developments to sustain the climb. Reports that ICO profit-taking over the past weeks that supposedly hit ethereum prices still resulted to gains for most investors.
So far there have been no major catalysts on the ethereum front, but it’s worth noting that its co-founder has invested $6.5 million in a venture by its former competitor. Joe Lubin reportedly struck a partnership with DrumG, which is a startup formed by several senior level executives from R3.
Other than that, ethereum could take cues from the rest of its cryptocurrency peers, should there be any big updates for the week. A lot of focus is still on the SEC decision on bitcoin ETF applications, although the actual decision date has pushed back to give time for a longer comment period. The launch of ICE bitcoin futures is also seen to be a bullish catalyst for the industry, although most of the action could be concentrated on bitcoin.
The post Ethereum (ETH) Price Analysis: Waiting for a Consolidation Break appeared first on Ethereum World News.
Source: Ethereum Worldnews
Original Post: Ethereum (ETH) Price Analysis: Waiting for a Consolidation Break
