- ETHUSD soared to a brand new excessive for the 12 months
- The transfer was not associated to the US greenback
- $2,000 is a pivotal degree for the pair
Lower than one week earlier than the Federal Reserve (Fed) assembly, the cryptocurrency market reached new highs for the 12 months. ETH/USD, for example, simply made a brand new excessive, buying and selling near $1,800.
It was not due to a gentle greenback. Simply the opposite, the greenback has been purchased throughout the FX dashboard whereas the main cryptocurrencies made a brand new excessive for the 12 months. Due to this fact, traders would possibly discover the present ranges too depressed and assume it’s value investing in.
What does the technical image present for Ethereum now that it has made a brand new excessive for the 12 months?
ETHUSD chart by TradingView
Bullish triangle’s measured transfer factors to extra upside
ETH/USD consolidated in a contracting triangle throughout the second half of final 12 months. The triangle fashioned on the backside of a bearish development, and when 2023 began, the market broke above its higher trendline
Due to this fact, the sample acted as a reversal.
Such a triangle has a measure transfer given by the size of its longest section. The second section is the longest, because the triangle is irregular (i.e., the second section is longer than the primary one).
It implies that if we undertaking the size of it from the top of the triangular sample, we will discover the measured transfer round $2,200. Furthermore, it implies that the market ought to transfer above the pivotal $2,000 degree.
On the flip aspect, the bullish state of affairs can be invalidated ought to Ethereum reverses and strikes under $1,200.
It might be curious if the market would stay uncorrelated with the US greenback. That ought to concern crypto merchants, on condition that the Fed March assembly is due subsequent week.