Ethereum (ETH), like Bitcoin (BTC), seems to be reaching a point of local decision after a short period of consolidation, starting on 16 March. Trading against USD (or USDT), ETH looks to have formed a bull flag or pennant.
A fallout from this pattern would not, however, be completely disastrous, as there is still a decent cushion of support from $136 all the way to $132 - where the local uptrend support is held (green, below). A break from that uptrend, however, could mean a break of this market structure and a return to low $120’s.
Ultimately, on a larger daily timeframe, ETH finds itself - again like Bitcoin - in a giant ascending triangle pattern. Specifically, the ETH trend lies in the middle of that larger consolidation. The region between $155 and $160 has already been tested twice. A full completion of this pattern would drive into the latter half of the year (see below).
If and when Ethereum does manage to break its $160 top, the next stop on the uptrend train is the zone around $175 - slightly less dense than the knot waiting at $200+.
CryptoGlobe reported yesterday on Ethereum founder Vitalik Buterin’s new considerations of implementing zk-SNARKs on the smart contract platform. Eventually, a daunting 27,000 (private) transactions per second could be possible, when zk-SNARKs are applied to sharding Ethereum 2.0, Vitalik suggested.
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