Aurum Markets Blog Technical Analysis ETHUSD approaching resistance of a Rising Wedge

ETHUSD approaching resistance of a Rising Wedge

ETHUSD approaching resistance of a Rising Wedge post thumbnail image

Emerging Rising Wedge pattern in its final wave was identified on the ETHUSD 1 hour chart. After a strong bullish run, we find ETHUSD heading towards the upper triangle line with a possible resistance at 4005.1598. If the resistance shows to hold, the Rising Wedge pattern suggests a rebound back towards current levels.

Supported by Upward sloping Moving Average

Target: 4005.1598 Entry: 3849.92 Stop: 3677.33

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