Double Dip Formation at Ethereum Price

I wanted to examine the short-term outlook in ethereum analysis. The price of Ethereum is fluctuating in the horizontal band for about two weeks. This band range ranges from 783-980 USD levels. There are some remarkable points on this chart.

• The double dip formation in the price chart attracts attention. If the price exceeds the horizontal band, the price is expected to advance by the horizontal band length. According to this formation, the price target is 1176 USD.

• Another important signal is seen in the MACD indicator. There are rising buying signals on the MACD indicator. The meaning of this signal indicates that the price is getting stronger before the rise.

If the price goes below the support level of 780 USD then this analysis loses its validity.

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