Ether's Two-Week Price Uptrend Looks Set to Continue

Ether, the world's second largest cryptocurrency by market capitalization, has staved off an attempt by the bears to break a two-week uptrend.

The cryptocurrency defended the trendline connecting the Sept. 17 low and Sept. 25 low yesterday, boosting the odds of a bullish break above the recent lower price high of $240. ETH also briefly dropped to third place in the rankings on CoinMarketCap after a mini-rally by XRP saw it take second place at the start of the month.

Symmetrical triangles are continuation patterns that provide an indication of a bullish or bearish break and are dependent upon the direction in trend for the correct signal.

The previous symmetrical triangle, seen Aug. 10-Sept. 5, shows a rapid decline in price after it broke bearish.

For over two weeks now, the bears have been unsuccessful in their attempts to drive prices lower and have briefly lost momentum required to cross the upward trendline, signaling another major move may be imminent.

Looking at the 4-hour chart, we can see how ether recently achieved a 22-day high in total growing volume, levels not seen since prices began to break down toward the end of last month.

A pullback from the recent pump is most likely as price action cools and traders look to bank a profit but expect a continuation should volume rise significantly post retracement.

The daily symmetrical triangle is following an inside bullish trend, hinting at a possible break to upper resistances.

A pullback period is likely to follow the pump with a further loss in volume before finally breaking bullish.

Ether image via Shutterstock; charts by Trading View.