Ethereum is underperforming. For the past five days, it has been struggling to break out of the 20-day EMA. In our previous analysis, we had asked traders to raise their stops to breakeven on half position and hold the rest with a stop at $780.
If the ETH/USD pair breaks and sustains below the trendline of the ascending triangle pattern, it will be a bearish development, which can sink it to $780 levels. Therefore, traders can raise the stops on the complete position to breakeven, which should be around the $830 mark.
The first sign of a positive move will be when the cryptocurrency breaks out of the 20-day EMA. But it will gain momentum only after it breaks out and sustains above $980.