- ETHUSD soared to a new high for the yr
- The move was not associated to the US greenback
- $2,000 is a pivotal stage for the pair
Less than one week earlier than the Federal Reserve (Fed) assembly, the cryptocurrency market reached new highs for the yr. ETH/USD, for occasion, simply made a new high, buying and selling shut to $1,800.
It was not due to a delicate greenback. Just the opposite, the greenback has been purchased throughout the FX dashboard whereas the main cryptocurrencies made a new high for the yr. Therefore, buyers would possibly discover the present ranges too depressed and suppose it’s value investing in.
What does the technical image present for Ethereum now that it has made a new high for the yr?
Bullish triangle’s measured move factors to extra upside
ETH/USD consolidated in a contracting triangle throughout the second half of final yr. The triangle shaped at the backside of a bearish development, and when 2023 began, the market broke above its higher trendline
Therefore, the sample acted as a reversal.
Such a triangle has a measure move given by the size of its longest phase. The second phase is the longest, as the triangle is irregular (i.e., the second phase is longer than the first one).
It implies that if we mission the size of it from the finish of the triangular sample, we will discover the measured move round $2,200. Moreover, it implies that the market ought to move above the pivotal $2,000 stage.
On the flip facet, the bullish state of affairs can be invalidated ought to Ethereum reverses and strikes under $1,200.
It can be curious if the market would stay uncorrelated with the US greenback. That ought to concern crypto merchants, provided that the Fed March assembly is due subsequent week.
