Bitcoin has been declining steadily since its peak in November and traders expect the second Bitcoin correction to happen sooner or later. Falling wedge pattern points to an eventual reversal in Ethereum price, but traders expect more pain before seeing relief.
The “weissratings com en courses” is a pattern that has been seen in the past and points to a possible price reversal. However, traders expect more pain first as they believe this pattern will be followed by a long period of sideways trading.
On May 26, the cryptocurrency market was hit by another wave of sales, with Bitcoin (BTC) dropping below $28,000 and Ether (ETH) temporarily dropping below $1,800. The ETH/BTC pair also fell below what traders consider to be a major ascending trendline, a move that some believe could lead to new lows for Ether.
One day chart of ETH/USDT. TradingView is the source of this information.
Here’s an overview of what numerous market experts are saying about Ethereum’s recent price drop and what this could mean for its price in the near future.
As a result of price consolidation, a sharp movement will occur.
Independent market expert Michal van de Poppe offered a quick update on the 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 problem will be whether we can exceed $1,940 from here.” If that happens, I think we’ll stick to our $2,050 budget. If not, the markets will be watching.
ETH may form a bullish falling wedge by making new lows.
The price of Ether is “still on the hunt for that leg to recharge,” said 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 suggests that a market has gone to extremes and is likely to reverse,” despite appearing bearish. to be.
Morgan noted,
“Extremely high probability of a dramatic corrective move higher or a completely new uptrend.”
As bears prepare for $1 billion options to expire on Friday, Ethereum price is falling below the $1.8K support level.
Bitcoin’s popularity is increasing.
One day chart of ETH/BTC. Twitter is the source of this information.
The ETH/BTC pair has lost crucial support, according to economist Caleb Franzen, which is notable because:
“At least one of the following statements 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 “starting to hit some of our local lows”.
3-day chart of ETH/BTC. Twitter is the source of this information.
“According to the analyst”,
“Any delay here in my opinion will only be short-lived until we hit the bottom of this range. In reality, we could go much lower before staging a rebound than shown above, but we’ll evaluate after we hit my target. ”
Overall, continued weakness in the ETH/BTC pair has the potential to push the price of Ether and altcoins downward, while BTC could remain stable or even rise as traders shift to Bitcoin from underperforming positions.
The total cryptocurrency market cap is currently $1,235 trillion, with Bitcoin taking 46.2 percent of the market.
The thoughts and opinions of the author are entirely his or her own and do not necessarily reflect those of Cointelegraph.com. Every investment and trading choice has risks, 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 points to an eventual reversal in the Ethereum price, but traders expect more pain first.
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