![Ethereum’s [ETH] latest breakout and what it means for you](https://i.headtopics.com/images/2022/8/7/cryptoamb/ethereum-s-eth-latest-breakout-and-what-it-means-for-you-1556061090194259971.webp)
Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice Over the past week, Ethereum [ETH] has flipped the $1,603-level from resistance to support after a morning star candlestick setup. Post jumping above its three-month trendline support (white, dashed), the bulls found renewed buying pressure […]
The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice
The supply zone could propel a near-term slowdown as the price action approaches the apex region of its reversal pattern. The altcoin saw an over 73% ROI from its 13 July low and slammed its immediate supply zone around the $1,750-region, at the time of writing. Nevertheless, the recent bullish engulfing candlestick could propel near-term buying tendencies. The bullish crossover on the 20/50 EMA has further reaffirmed the buying edge on the daily timeframe. Any close above the $1,790-mark would hint at a bearish invalidation. In this case, the potential target would lie around the $1,900-region.
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