Ethereum Symmetrical Triangle

Let's look at Ethereum using Ichimoku indicator and a chart pattern for better understanding further market movements. Firstly we have to note that the price is above the cloud and it tells us that the market is bullish. Probably the price will bounce from the cloud and Kijun line. If so, it will be a new trading opportunity. We'll be able to buy based on the reversal signal. The high of the signal candle will be a level for placing pending orders. Also we can wait for an additional signal confirming further upward movement. The price will give such signal when it breaks the downtrend line and the previous swing high. This downtrend line is a part of a symmetrical triangle. The symmetrical triangle usually forms during a trend as a continuation pattern. So, if the price breaks the downtrend line, the triangle pattern will be realized as continuation pattern and we'll get a solid signal for buying. Entry level can be above 770.00 with stop orders below the local swing low. The main profit target should be at 1000.00 level. The part of trade volume can be left for long run with target at 1500.00 level.

Alternative variant: if the price breaks the uptrend line and moves below the symmetrical triangle, it will be a signal of further downward movement. The possible support zone will be at 500.00 level. If we get a confirmed reversal signal, we'll be able to open new long positions but this time using better entry level.