Ethereum (ETH) has been stuck in a prolonged downtrend, and the bearish scenario is now playing out. On the 4-hour chart, ETH recently broke below its rising trend line after forming a rising wedge that typically signals further downside. This breakdown confirms the potential for further downside.
At the same time, on the weekly timeframe, ETH has perfectly retested its resistance and failed to push higher, reinforcing overall market weakness. With failing to break resistance it is likely that ETH could face continued weakness and move towards the weekly support area at 1500.
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At the same time, on the weekly timeframe, ETH has perfectly retested its resistance and failed to push higher, reinforcing overall market weakness. With failing to break resistance it is likely that ETH could face continued weakness and move towards the weekly support area at 1500.
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Trade closed: target reached
The falling wedge on ETH played out pretty well. It almost reached the low of a couple weeks ago. Therefore, the falling wedge has officially played out and have to watch current price action for new possible trade options. 
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🔹 Free trading signals
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discord.gg/fVfJHHQSMG
🔹 Free trading signals
t.me/CandleCollective
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.