crypto

This bearish pattern limits Ethereum(ETH) price recovery; Keeping Holding?

Published 21 minutes ago by
Brian Bollinger Market participants are uncertain when there are many daily candles that have long-wick rejections. The 4-hour chart shows a descending triangular pattern of consolation. A bearish breakdown from $1190 will intensify the bearish momentum to promote further downfall.advertisementKey points: The Ethereum price is currently trapped in a no-trading zone
To encourage a directional rally, the coin must have a triangle pattern breakout
Ethereum’s intraday trading volume is $14.5 billion, which represents a 32.6% gain.
Source-TradingviewThe 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 current price of the coin is $1207. It has been trading within a descending triangular pattern for almost two weeks. This bearish continuation pattern shows a gradual decline in bullish momentum. In response to this pattern, prices eventually breached the neckline support to re-enter the previous downtrend. Trending StoriesThe Ethereum price spread inside the triangle has narrowed sufficiently to be declared a no-trading area. Trending StoriesThe price spread within the triangle has narrowed enough to be declared a no-trading zone. This could signal the replenished bearish momentum and send the prices down 10% to retest the $110 support. A bullish crossover above the midline will signal that the market sentiment has turned bullish. A bullish crossover above the midline will signal the market sentiment has turned bullish.advertisementEMAs: the downsloping EMAS(20, 50, 100, and 200) indicates the potential swing would face multiple heads.Ethereum intraday price levelsSpot price: $1207
Trend: Bearish
Volatility Low
Resistance level: $1275 and $1338
Support level: $1190 and $1100
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The content presented may contain the author’s personal opinion and may not reflect current market conditions. Before investing in cryptocurrency, do your market research. Close Story