ETH: Falling Wedge
Ethereum (ETH) technical analysis:
Trade setup: Trading in a Falling Wedge pattern. We wait for a breakout, ideally above $1,600, that would signal that buyers have absorbed all the supply from sellers and price is ready to resume an uptrend. Recently, following a bearish breakout from Rising Wedge pattern, price also broke below $1,800 key level and 200-day Moving Average, which broke the uptrend.
Pattern: Falling Wedge Usually results in a bullish breakout. When price breaks the upper trend line the price is expected to trend higher. Emerging patterns (before a breakout occurs) can be traded by swing traders between the convergence lines; however, most traders should wait for a completed pattern with a breakout and then place a BUY order.
Trend: Downtrend across all time horizons (Short- Medium- and Long-Term).
Momentum is Mixed as MACD Line is above MACD Signal Line (Bullish) but RSI < 45 (Bearish). MACD Histogram bars are declining, which suggests that momentum is weakening.
Support and Resistance: Nearest Support Zone is $1,600, then $1.500. The nearest Resistance Zone is $1,800 (previous support), then $2,000.
Trade setup: Trading in a Falling Wedge pattern. We wait for a breakout, ideally above $1,600, that would signal that buyers have absorbed all the supply from sellers and price is ready to resume an uptrend. Recently, following a bearish breakout from Rising Wedge pattern, price also broke below $1,800 key level and 200-day Moving Average, which broke the uptrend.
Pattern: Falling Wedge Usually results in a bullish breakout. When price breaks the upper trend line the price is expected to trend higher. Emerging patterns (before a breakout occurs) can be traded by swing traders between the convergence lines; however, most traders should wait for a completed pattern with a breakout and then place a BUY order.
Trend: Downtrend across all time horizons (Short- Medium- and Long-Term).
Momentum is Mixed as MACD Line is above MACD Signal Line (Bullish) but RSI < 45 (Bearish). MACD Histogram bars are declining, which suggests that momentum is weakening.
Support and Resistance: Nearest Support Zone is $1,600, then $1.500. The nearest Resistance Zone is $1,800 (previous support), then $2,000.
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