ETHUSD Triangle unfolding
Ethereum is attempting to make upside traction on Monday after spending the weekend largely trapped within a $100.00 trading range. A bullish triangle pattern breakout has taken place across the lower and higher time frames, which is increasing technical buying towards the ETHUSD pair. Traders should note that if bulls can break above the $1,400 level then a large bullish reversal pattern will be activated.
The ETHUSD pair is only bullish while trading above the $1,200 level, key resistance is found at the $1,400 and the $1,600 levels.
If the ETHUSD pair trades below the $1,200, sellers may test the $1,150.00 and $1,100.00 support levels.