ETH/USD averts triangle breakdown, shift focus to $150

  • Ethereum finds support at $144.23, allowing for the ongoing shallow recovery.
  • The full stochastic oscillator suggests that the next course of action is sideways.

Ethereum is displaying a dash of green and a glimpse of bullish pressure mid-through the week’s trading. After opening the session at $145.82, Ether corrected to highs around $146.48. It has a market value of $146.30 amid expanding volatility.

The recent break below the symmetrical triangle support pushed the bearish leg towards $144.34 (previous low). The bulls’ reaction has seen the dire impact of the triangle breakdown averted. Besides, ETH’s ongoing price action is aiming for the hurdle at $150.

Meanwhile, the full stochastic oscillator is moving north towards 50 after refreshing lower levels at 8.69. If it sustains the trend towards 70, Ethereum price could reclaim support above $150 and then trend towards $170. However, the MACD shows that movement north will not come easy and the most probable correction will be sideways.

ETH/USD 2-hour chart

 

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