The increasingly combative rhetoric between Russia and the West has spooked traders and investors who may prefer to hold cash positions until global tensions ease. Regardless of the headlines, however, Ethereum has developed a pattern on the daily chart , which may provide a map to guide entry and exit strategies for traders and investors who are already in, or who are thinking of entering into, a position. On Feb. 24, when Ethereum hit and bounced up from its low-of-day at the $2,317 mark, the crypto began trading in a symmetrical triangle pattern on the daily chart . Ethereum will hit the apex of the triangle on March 15 and both bullish and bearish traders can watch for a break up or down from the pattern on higher-than-average volume to gauge whether the pattern was recognized. If Ethereum breaks down from the pattern, it may find support at a descending trendline that has been acting as both support and resistance since Dec. 1. When the crypto tested the trendline as support on Feb. 6 and Feb. 22, Ethereum bounced up from the area, which indicates the trendline has been recognized by algorithms.The move lower on Friday was on lower-than-average volume , which indicates Ethereum may be running out of sellers. By late afternoon, Ethereum’s volume was measuring in at about 139,000 compared to the 10-day average of 171,638. Bulls want to see big bullish volume come in and break Ethereum up from the symmetrical triangle pattern , which will cause the stock to regain the eight-day and 21-day exponential moving averages as support. The crypto has resistance above at $2,609.02 and $2,890.
Bears want to see big bearish volume come in and drop Ethereum through the bottom ascending trendline of the triangle, which will likely cause the crypto to confirm it has entered into a downtrend. Ethereum has support below at $2,461.63 and $2,317.64.