This is a daily technical analysis of the Coindesk analyst and technician of the approved market Omkar Godbole.
Ether
Seems about to exceed the $ 3,000 mark because it forms a model of “ascending triangle” on the price table.
The ascending triangle is characterized by a resistance or a power point with a horizontal upper bonding which repeatedly ceiling the gains and a jump line upwards.
The ether has faced a resistance at $ 2,735 several times in the past two weeks, while subsequent reaction has increased. Price action represents an ascending triangle.
The highest stockings indicate that the purchase of the pressure increases, which gives the ascending triangle its upward nature. In other words, the model represents an accumulation which generally opens the terrain for the next step of higher price.
An expected escape from the ascending triangle would signal a resumption of the rally from April nearly $ 1,390, opening the door for a move over $ 3,000.
The imminent crossing of the 50-day simple mobile average (SMA) above the 100-day SMA supports the bullish case.
This decision could be explosive, because the gap between Bollinger bands has shrunk at nearly $ 250, which has systematically prefabricated the explosion of volatility since November.
The Bollinger strips are volatility bands placed two standard deviations above and below the simple 20-day mobile average of the cryptocurrency (SMA).
“Ascending eruptions occur 77% of the time, and eruptions occur about 61% of the distance from the base to the cradle,” wrote the technician in charge of the Charles Kirkpatrick market in his book on technical analysis.
A potentially falling rupture of triangular consolidation would cancel the case of a bull and could invite a higher sales pressure.
