Ethereum has formed a rising wedge or ascending triangle pattern, typically a bearish formation when it appears after an uptrend. After testing the horizontal resistance zone (~$1,685) multiple times, price action failed to break out and instead broke below the ascending trendline support, confirming a bearish reversal.
Breakdown Confirmation:
Price broke down from the key structure and also fell below the consolidation range (orange box).
The breakdown was accompanied by increased momentum, suggesting strong seller pressure
Short-Term Bearish Outlook:
1st Target: $1,580
Previous consolidation and minor support level.
Short-term take-profit zone for intraday or swing positions
Expect minor bounce or hesitation here.
2nd Target: $1,480
Full measured move target based on triangle height.
Strong historical support and Fibonacci confluence zone.
Ideal for full profit booking or watching for a potential reversal.
Breakdown Confirmation:
Price broke down from the key structure and also fell below the consolidation range (orange box).
The breakdown was accompanied by increased momentum, suggesting strong seller pressure
Short-Term Bearish Outlook:
1st Target: $1,580
Previous consolidation and minor support level.
Short-term take-profit zone for intraday or swing positions
Expect minor bounce or hesitation here.
2nd Target: $1,480
Full measured move target based on triangle height.
Strong historical support and Fibonacci confluence zone.
Ideal for full profit booking or watching for a potential reversal.
Trade active
Trade activeNote
1st Target Reached
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Forex, Gold & Crypto Signals with detailed analysis & get consistent results..
Gold Signal's with proper TP & SL for high profit opportunities..
t.me/GoldMan0009
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Join telegram channel free ..
t.me/GoldMan0009
Forex, Gold & Crypto Signals with detailed analysis & get consistent results..
Gold Signal's with proper TP & SL for high profit opportunities..
t.me/GoldMan0009
t.me/GoldMan0009
Forex, Gold & Crypto Signals with detailed analysis & get consistent results..
Gold Signal's with proper TP & SL for high profit opportunities..
t.me/GoldMan0009
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.