Falling wedge pattern points to eventual Ethereum price reversal, but traders expect more pain first
Bitcoin has been on a steady decline since its November peak and traders are expecting the second Bitcoin correction to happen sooner than later. Falling wedge pattern points to eventual Ethereum price reversal, but traders expect more pain first before they see relief.
The “weissratings com en courses” is a pattern that has been seen in the past, and it points to an eventual price reversal. Traders expect more pain first though, as they believe this pattern will be followed by a long period of sideways trading.
On May 26, the cryptocurrency market was slammed by another wave of selling, with Bitcoin (BTC) falling under $28,000 and Ether (ETH) momentarily falling below $1,800. The ETH/BTC pair also fell below what traders consider to be an important ascending trendline, a move that some believe might lead to fresh lows for Ether.
One-day chart of ETH/USDT. TradingView is the source of this information.
Here’s a review of what numerous market experts are saying about Ethereum’s recent price drop and what it may signify for its price in the near future.
A sharp move will occur as a consequence of price consolidation.
Independent market expert Michal van de Poppe offered a quick update on what levels of support and resistance to watch, posting the chart below, which shows Ether trading around its range bottom.
1 hour chart of ETH/USD. Twitter is the source of this information.
According to Van de Poppe,
“The issue will be if we can breach the $1,940 mark from here.” If that occurs, I’m guessing we’ll stick to our $2,050 budget. If it doesn’t, the markets will be watching.
ETH might form a bullish falling wedge by making fresh lows.
Ether’s price is “still hunting for that leg down to load up on,” according to Twitter expert Crypto Tony.
4-hour chart of ETH/USDT. Twitter is the source of this information.
According to Cointelegraph writer Jon Morgan, the pattern illustrated on this chart is a falling wedge, a “bullish conventional candlestick/bar chart pattern that is suggestive of a market that has advanced to an extreme and is likely to reverse,” despite the fact that it seems to be bearish.
“Extremely high probability of either a dramatic corrective move higher or a completely new uptrend.”
As bears prepare for Friday’s $1B options expiration, the price of Ethereum falls below the $1.8K support level.
The popularity of Bitcoin is increasing.
One-day chart of ETH/BTC. Twitter is the source of this information.
The ETH/BTC pair, according to economist Caleb Franzen, has lost a crucial support, which is noteworthy because:
“At least one of the following claims will be true: $ETH is losing ground to $BTC; $BTC will outperform $ETH; Alts will underperform $BTC.”
CrediBULL Crypto, a Twitter user, added to the ETH/BTC conversation by stating that the price is “beginning to take some of our local lows.”
3-day chart of ETH/BTC. Twitter is the source of this information.
“According to the analyst,”
“Any reprieve here, in my opinion, will only be brief until we reach the bottom of this range. In reality, we may go much lower before staging a rebound than shown above, but we’ll evaluate after we reach my aim.”
In general, sustained weakness in the ETH/BTC pair has the potential to push the price of Ether and altcoins down, while BTC might keep steady or even rise as traders shift out of underperforming holdings into Bitcoin.
The total cryptocurrency market capitalization is currently $1.235 trillion, with Bitcoin commanding 46.2 percent of the market.
The author’s thoughts and opinions are completely his or her own and do not necessarily represent those of Cointelegraph.com. Every investing and trading choice has risk, so do your homework before making a decision.
The “ethereum starting price” is a pattern that traders have been looking for to signal the reversal of the current trend. The pattern is called a falling wedge and it points to an eventual Ethereum price reversal, but traders expect more pain first.