empty
 
 
12.07.2021 11:35 PM
Ethereum continues to move lower as expected.

In ourprevious posts on Ethereum, we noted the bearish wedge pattern and warned that a breakdown was the most likely scenario and price could fall towards $2,000. Price has now also formed another bearish pattern and we now see a price potential dip towards $1,800.

This image is no longer relevant

Red lines - wedge pattern

Green line - consolidation break down

Red horizontal lines -Fibonacci extension targets

Ethereum is breaking today out and below the sideways consolidation we were in for a couple of sessions. Current price action implies that a move towards $1,800 is highly likely. Resistance is found at recent high of $2,165, Our first target is at $1,934 and our second and most probable target is at $1,800-$1,790. Short-term trend remains bearish as price is vulnerable to more downside.

Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $6000 more!
    In December we raffle $6000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback