#ETH forming this massive falling wedge!

Updated

Taking a look at the #Ethereum daily timeframe, we are still potentially forming this massive falling wedge pattern because as of right now, the price has not yet confirmed the break either below the line or above its resistance line. The line of support is sitting at around 2890, so also right around that 2.9K level, which is an important level on the chart, and this resistance is sitting at around 3K, which is the level we need to confirm a breakout above in order to confirm the bullish price target for this pattern.

Stay tuned for updates.

#cryptocurrency

Note

On the weekly timeframe, the price of ETH is still holding above the 38.2% Fibonacci level of support which is sitting at round 2860 to 2870 approximately so just below 2.9 K and over the last one day, not much is really changed on this weekly to US dollar chart and if we taking a look at this daily 8th to US dollar chart over the last one day, we are now seeing a bit of a bounce to the upside from this descending line of this falling wedge lower support and this line of support is sitting right at 2890 so very close to 2.9 K, which once again is an important level of support to pay attention to, and now, if we actually move back up towards this upper trandline of resistance like what we’ve seen in the past, then basically this line of resistance is sitting currently at round 3.3 K and in order to actually confirm this potential fall pattern that’s forming right now to set up the bullish price, target, we would actually need to see a confirmed breakout above that resistance, which obviously as of right now has not happens and so at least for now in terms of the short-term trend, just on the daily timeframe was still trending in the more direction, basically in a bit of a correction at the moment in the market, but once again in the short-term with currently bouncing from the important level of support at one was zooming out on much larger timeframe that short-term correction is still potentially occurring within a much larger bullish trend.

Note

DAILY TIMEFRAME ETH UPDATE

We observe a continuing short-term bounce from the support level of around 2.9K. This level has repeatedly shown resistance. The wedge pattern following this bounce indicates resistance
around 3K, with potential further resistance near 3.3K.
To confirm a bullish trend reversal, a confirmed breakout above this resistance is necessary.

Once this breakout occurs, the bullish price target, around 4.1K, can be established, aligning with the top of the wedge pattern. As of now, this breakout has not yet happened.

Stay tuned and keep an eye on it.

#ETH #Ethereum

Note

On the daily chart, Ethereum's price is bouncing off a support line at around $2,900. Right now, it's stuck in between this support and a resistance line near $3,300.

Ethereum needs to confirm a breakout by closing above this resistance line. If it does, we could see the price target around $4,000 to $4,100.

But we haven't confirmed this breakout yet, so it's important to wait and watch.

I'll keep you updated.

#Crypto #ETH

CRYPTOMOJO_TA

Register on Bingx and trade with me: bingx.com/en/invite/B63M4M/?ref=B63

Register on CoinW and trade with me: coinw.com/front/affiliate?agentKey=CryptoMOJO&lang=en_US

Free TG Daily Futures Signals: t.me/CRYPTOMOJO_TA

Also on:

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.