Ethereum Forms Falling Wedge Pattern That Could Send Price To $3,000
09 Setembro 2024 - 11:30AM
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Ethereum is still one of the worst-performer of the top largest
cryptocurrencies by market cap despite being incredibly popular.
This bearish movement has seen an increasing number of investors
being moved into the red as the price drops. If this continues,
then the ETH price could fall below $2,000 again. But there is
still a possibility for a reversal as a bullish pattern has formed
on the Ethereum price chart. Ethereum Falling Wedge Pattern Appears
With the recent decline in price, there has been the formation of a
falling wedge pattern for the Ethereum cryptocurrency, Now, with
the rebound from its lows, this pattern has neared its completion,
meaning the next steps will begin soon. Related Reading: XRP Price
To $100: Why Has It Not Hit This Price Yet? Crypto analyst
CobraVanguard pointed this out in an analysis on TradingView which
highlighted the falling wedge pattern. This pattern, while it can
be quite bullish for an asset, it can also be very bearish for the
Ethereum price. So, the crypto analyst outlines the two possible
scenarios for the altcoin’s price. The first of these scenarios is
a breakout from the falling wedge pattern that has formed on the
1-Day timeframe. If this breakout happens, then the Ethereum price
could rocket from here. In addition to this, the crypto analyst has
also outlined a bullish divergence on the MACD for the Ethereum
price, which lends credence to a possible breakout from the falling
wedge pattern. However, on the flip side, where the price does not
break out from this pattern, the cryptocurrency’s price is expected
to fall. This is due to the mounting bearish pressure on the
second-largest crypto by market cap as large holders continue
sell-offs over the last month. Also, the analyst explains that the
fifth wave could end up playing out, something that could push the
price even higher. Where Can The ETH Price Go From Here? The
bullish scenario following a breakout is especially important for
the Ethereum price as it could put an end to the bearishness that
has rocked the price. In the analysis, the crypto analyst outlines
that a breakout from here would send the ETH price as high as
$3,000, which is a more than 30% increase from here. Related
Reading: Dogecoin Price Prediction: Extended Consolidation Or A
Break Below/Above? However, if there is a breakdown in the price,
then the Ethereum price could be seeing another decline below
$2,000. The analyst’s chart puts the altcoin price as low as
$1,778. Such a development, coupled with the poor volume for ETH so
far, could trigger a further breakdown to $1,500. Featured image
created with Dall.E, chart from Tradingview.com
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