Ethereum Price To $1400? Wedge Pattern Sets ETH Price For A Major Correction – Crypto News – Crypto News
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Ethereum Price To $1400? Wedge Pattern Sets ETH Price For A Major Correction – Crypto News

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3 years ago

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Published 8 minutes ago

Over the past two weeks, the ether price has consolidated in a narrow range reflecting the lack of conviction from buyers and sellers. However, in the bigger picture, the coin price shows the formation of a famous bear continuation pattern a rising wedge. Under this development, the ETH price is currently under a bear cycle within the pattern which projects a longer correction phase in the near future.

Also Read: Ethereum Client Releases Major Upgrade To End PoW Support, ETH Price Jumps

Ethereum Price Daily Chart

  • The Ethereum Fear and Greed Index at 47% accentuates a neutral sentiment among market traders.
  • A breakdown below $1700 support will signal the resumption of the prevailing downfall.
  • The intraday trading volume in Ether is $6.4 Billion, indicating a 0.14% loss.

Ethereum PriceSource- Tradingview

During mid-April, Ethereum price turned down from the resistance trendline of the wedge pattern and initiated a new bear cycle. From the peak of $2138, this downfall tumbles the price by 15.48% to reach the current price of $1798.

However, with the growing indecisiveness in the crypto market, the ETH price hit a minor roadblock at $1740-$1714 support and turned sideways. Under the influence of the chart pattern, the overall setup favors a potential downfall, and therefore, the current consolidation could be a temporary detour.

Thus, if the bearish momentum is recuperated, a breakdown below the $1714 support may drive the 18.5% down to hit the support trendline at $1400.

Anyhow, the coin holders can keep an overall bullish sentiment until the pattern’s lower trendline is intact.

Will Ethereum Price Poke $1400 Support?

If the ongoing consolidation phase in Ethereum price resulted in sellers’ favor with the breakdown of $1714, coin holders are likely to witness a longer correction to the $1400 mark. The potential downtrend could experience a major blockade at $1500 psychological support.

  • Bollinger Bands: A downtick in the upper band of the BB Indicator projects increasing selling momentum and an extra edge on short-selling opportunities.
  • Relative Strength Index: The rsi slope Plunge below the 60% barrier reflects additional confirmation of a downswing move.

From the past 5 years I am working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. Reach out to me at brian(at)coingape.com

The content presented may include the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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