Published 1 hour ago
The Ethereum price has resonated between two converging trendlines for the past three months. Though this consolidation represents a no-trading zone, the altcoin under the influence of bearish patterns should replenish the bearish momentum. Are we revisiting the $1000 psychological support?
- Completing the pennant pattern, Ethereum could witness a 14% downfall
- The Ethereum price face strong resistance from the 20-day EMA
- The intraday trading volume in Ethereum is $5.4 Billion, indicating a loss of 3.7%.
As mentioned in our previous article, the Ethereum coin price follows an inverted pennant pattern. Furthermore, this bearish continuation pattern offers a small consolidation phase where prices resonate between the two converging trendlines.
The asset price usually reaches the peak of the triangle formation and breaks the bottom support trendline as the indication to continue the prior downtrend. Therefore, the Ethereum price breakdown from the bottom trendline will release the trapped bearish momentum.
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