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Several daily candles with long-wick rejections indicate uncertainty among market participants. Moreover, the ongoing consolation formed a descending triangel pattern in the 4-hour time frame chart. A bearish breakdown from $1190 will intensify the bearish momentum to promote further downfall.
Клучните точки:
- The Ethereum price is currently trapped in a no-trading zone
- The coin needs a triangle pattern breakout to encourage a directional rally
- Обемот на тргување во текот на денот во Ethereum е 14.5 милијарди долари, што укажува на добивка од 32.6%.
Извор-Tradingview
The Ethereum price turned sideways after the recent bloodbath in the crypto market initiated due to the collapse of FTX- crypto exchange, and panic selling in the market. The coin price currently trades at $1207 and has been reasoning within a descending triangle pattern for nearly two weeks.
The lower high formation with this bearish continuation pattern reflects a gradual decrease in bullish momentum. Furthermore, in response to this pattern, the prices eventually breach the neckline support to resume the prior downtrend.
The Ethereum price spread within the triangle has narrowed enough to be declared as a no-trading zone. Furthermore, the prices are close to the pattern’s apex suggesting the breakdown is near.
Thus, a daily candle closing below $1190 will signal the replenished bearish momentum, which could plunge the prices 10% down to rechallenge the $110 support. However, if the selling pressure persists, the altccoin will revisit the $1000 psychological support.
On a contrary note, a bullish breakout from the overhead trendline will undermine the bearish thesis and may drive the price to $1340.
Технички индикатор
RSI: a minor bullish divergence in the дневен-RSI slope reflect the increasing buying pressure at $1120 support. A bullish crossover above the midline will signal the market sentiment has turned bullish.
ЕМА: the downsloping EMAS(20, 50, 100, and 200) indicates the potential swing would face multiple heads.
Ethereum интрадневни нивоа на цени
- Цена на самото место: 1207 УСД
- Тренд: мечешки
- Нестабилност: Ниска
- Ниво на отпор - 1275 долари и 1338 долари
- Ниво на поддршка - 1190 и 1100 долари
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Source: https://coingape.com/markets/this-bearish-pattern-limits-ethereumeth-price-recovery-keeping-holding/