The value of Ethereum (ETH) has formed higher lows and lower highs to build a symmetrical triangle on the hourly chart. The digital currency is consolidating inside its symmetrical triangle pattern, and it is testing the hurdle on the upside.
Ethereum (ETH) Price Today – ETH / USD
Ethereum is currently trading at $290 after an increase of more than three percent over the past twenty-four hours. The digital currency currently boasts of a market cap of $29.25 billion and a trading volume of $1.40 billion over the past twenty-four hours.
Ethereum (ETH) Technical Analysis
The 100-hourly simple moving average is over the longer-term 200-hourly simple moving average to signal that the path of least resistance is currently on the rise. This means that the support has a higher tendency of holding rather than break or resistance has a higher tendency of breaking rather than holding.
The relative strength index is signaling overbought conditions, and turning lower could attract more sellers. As a result, the value of the digital currency could follow suit and decline to the bottom of the triangle close to the $280 mark.
The stochastic oscillator has some space to surge higher; this will put buyers in control for a bit longer. A break over the resistance of the triangle and $300 key psychological level could indicate that an uptrend is around the corner. This might take almost the height as the previous chart pattern that spans $250 to $330.
The Reason behind the Recent Spike in Values
Ethereum (ETH) has joined other digital currencies in the recent pop higher that is being associated with investors responding to the decision of the U.S SEC on the Bitcoin (BTC) ETF filed by ProShares. This was filed since December 2017, so the SEC can no longer extend the deadline on the ruling which is scheduled for 23rd of August.