Your favorite crypto news blog

Here’s How Far Ethereum Could Drop if it Confirms an Ultra Bearish Technical Pattern

Altcoins 2020/04/28 03:00 by Cole Petersen
Ethereum, like most of its peers, has incurred a slight amount of selling pressure today that has led it to decline from highs of just under $200 that were set yesterday. This tempered move lower comes as the crypto is caught within a firm mid-term uptrend. It does appear that this uptrend may be short-lived, however, as analysts are now widely pointing to the existence of a massive rising wedge pattern that it is currently caught within, as a bearish resolution to this pattern could lead to significant losses. This also coincides with bearishness flashed by ETH against its Bitcoin trading pair, and the confluence of its weakness across its two major trading pairs signals downside is imminent. Ethereum Drifts Lower as Weakness Against Bitcoin Grows At the time of writing, Ethereum is trading down over 1% at its current price of $193.70, marking a slight decline from daily highs of nearly $200 that were set yesterday. ETH is also showing some weakness against its Bitcoin trading pair, currently trading down over 2% as the benchmark crypto remains stable just below its daily highs of $7,800. Analysts are now noting that they anticipate Ethereum to show further weakness against its Bitcoin trading pair, as the resistance that exists just above its current price at 0.026 BTC may be enough to catalyze a significant decline. One trader mused this possibility in a recent tweet, pointing to this resistance in a chart while offering a near-term downside target at roughly 0.0235 BTC. Image Courtesy of Mac He related this chart to a previous tweet of his in which he noted that he anticipated Bitcoin to outperform the aggregated market in the near-term, leading cryptocurrencies like Ethereum to see some weakness. ETH Establishes Highly Bearish Technical Pattern that Could Lead to Serious Losses  This isn’t the only factor currently counting against Ethereum’s favor, as it also recently formed a highly bearish technical formation that could lead significantly lower against USD. Analysts have been widely pointing to this rising wedge pattern over the past few hours, with one offering a chart showing a near-term downside target at roughly $160 if it posts a confirmed breakdown of this pattern. Image Courtesy of CryptoBirb Because of ETH’s weakness against BTC, it is a strong possibility that this movement will come about independent of Bitcoin seeing any downside. It is also possible, however, that this present technical weakness will be magnified if BTC is rejected at $7,800. Featured image from Unplash.

0 Like(s)

You should also read...

Altcoins 24/11/19 22:30 by Cole Petersen
Ethereum is Attempting to Form Long-Term Bottom Against BTC, Claims Analyst
Bitcoin’s recent turbulence has spilled over into the aggregated crypto markets, leading most major cryptocurrencies to form a close correlation with its price action – which has proven to be high...
Read More
Altcoins 22/04/20 22:40 by Cole Petersen
Ethereum Leads Market Surge After Posting Ultra Bullish Technical Breakout
After a short bout of bearishness that led Ethereum to retrace nearly all of the gains that were incurred as the result of its recent rally, the cryptocurrency has now been able to post a notable tech...
Read More
Altcoins 01/06/20 03:00 by Cole Petersen
Ethereum Makes 3rd Attempt at New Highs as Options Skew Turns Negative
Ethereum made its third attempt to set new local highs against its Bitcoin trading pair in 2020 yesterday. This movement has shown signs of being fleeting, however, as the crypto has lost some of its ...
Read More
Other 02/08/20 20:40 by Nick Chong
Chainlink (LINK) Rips 10% Higher: Why Analysts Say More Upside Is Likely
Bitcoin and Ethereum faced strong liquidation events just 12 hours ago. Even still, Chainlink (LINK) has continued to push higher, basically disregarding what was seen as the worst cryptocurrency cras...
Read More
Altcoins 20/08/20 12:00 by Nick Chong
DeFi Giant Compound (COMP) Dives 9%: What’s Next for the Ethereum Token?
Following Bitcoin, Ethereum, and other top cryptos lower, Compound (COMP) has shed 9% in the past 24 hours., the asset now trades at $180, lows not seen in over a week. COMP’s -9% performance in...
Read More