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ETH/USD crypto signal - Potential bullish breakout - 05 Mar 2018

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From an intraday perspective, Ethereum price chart is showing signs of a potential bullish breakout. The one-hour chart shows the potential inverse head and shoulders pattern that has been forming. The neckline resistance is seen at 867.03 which has been tested a few times.

The recent decline off this resistance level has push ETHUSD price lower to trade around 856 levels currently. We expect to see further near term declines towards 850.25 level where the right shoulder could be formed.

A reversal at this level could potentially see Ethereum prices rising back to test the neckline resistance at 867.03. A breakout off this resistance level puts Ethereum on target towards 883.80 level.

The bullish short term bias will of course be invalidated if ETHUSD price fall below 844.75 level. Failure to post a reversal could potentially result in further declines as the inverse head and shoulders pattern gets invalidated.

crypto signal ethusd 05 mar 2018

Disclaimer: The article is written for informative purposes only and it is not financial advice. The author does not have any position in the currency pairs mentioned, and no plans to initiate a position. He wrote the article himself and expressed his own opinions. Readers should not treat any opinion expressed by the author as a specific inducement to make a particular trade or follow a particular strategy, but only as an expression of his opinion. All risks and coasts associated with online trading are your responsibility.