In the last 24 hours ETHUSD has show a series of consolidation triangles into a descending wedge into a symmetrical triangle. Currrently breaking the bearish trend in an aggressive upside channel with confirmed support.
On the 15 min chart there are a few key support levels to note. 209, 210.85 and 230.75 stand out as important levels.
So far the 60 minute chart has been the most interesting timeframe and has provided substantial insights into price action on ETH. We can see the descending wedge develop and confirm on the 19th & 20th, falling into a longer term descending triangle, the break signaling the bearish correction of the ETH market overall. This pattern found support along the broadening triangle key levels (indicated in dashed red lines) and found bottom support just under the $220 level. Watch for support along the broadening triangle and resistance at the 299.55 and 300 levels.
The daily chart has been in a consolidation/correction phase following the extremely aggressive growth seen over the last month. We are watching for a close above the unconfirmed channel levels to indicate a change in market direction. Watch for key support levels at the blue levels indicated on the daily chart below.
