Eth Approaches Resistance – Will It Breakout?

ETH is approaching trendline resistance in a wedge pattern. Could we see price break out? Price action is cautiously bullish and the RSI is holding bullish levels. However, the ADX is on the decline, marking a trend that is losing momentum. If we see price bounce from here we could see the recent lows of 2800. Alternatively if price breaks through the resistance look for upside into the fibo 127% extension.

ETH/USD Daily Chart 15 Oct 2021

Published by Tom Stewart

Head of data analytics at TradeProofer. Analyst at Opes Trading Group. FX enthusiast.

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