Price Analysis

Ethereum (ETH) Trades Below Key Support; Will the Falling Wedge take an Upturn?

  • Ethereum takes a downward directional walk, as it tests the supports near $184
  • After mounting at $189, instead of testing the major resistance at $190, it shifted below $185

Will its upcoming trading duration complete the higher leg breakout to complete the Falling Wedge?

Ethereum, for quite a long time, had been stuck around the trading price area of $187 and $188, after falling from $195 and then $190 price levels. Yesterday, initially ETH/USD price was around its usual resistance level at $187.28, from where it rose to the following at $188.80. Towards the day-end, ETH mounted as high as $189.81 just to start plunging today and have a falling wedge pattern formed when it currently trades at $184.59.

Ethereum Price
ETH Chart By TradingView

Just when the major altcoins Ethereum and Litecoin were flourishing, today, the altcoin market seems shedding; though BTC continues to remain static. Important to note that the falling wedge formed had quite a few instances of price trend breakout, but the price failed to rise notably.

The current trading price of Ethereum is over 2% low than the highest in the said intraday time frame. ETH price has slid below $185 and gains immediate support from daily 20-day and 50-day EMA followed by 30-day EMA and 50-day SMA.

Technical Indicators:

The MACD of Ethereum is below zero and just had a bearish crossover as the red candle formation has led the price to test the major support and trades downwards.

The RSI of the coin is at 31, inclined to the oversold territory as it trades in the selling zone after having hit hard.

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Ruti Vora

Ruti regularly contributes in-depth news articles for leading cryptocurrencies. She contributes technical chart-based price updates and analysis pieces on world's leading digital currencies. She holds graduate degree in journalism.
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