🔥 Ethereum Falling Wedge: More Bearish Pressure Looming

٣٠ أغسطس ٢٠٢٢

A couple of days ago I made an analysis on ETH and the fact it was losing an important support line. In my view we're still on our way to the bottom blue support, as mentioned previously.

However, ETH saw a huge bullish move over the last two days. When looking at the price action of the last few weeks, we can clearly see a falling wedge on the chart, purple. Wait for the daily close to determine if we're actually reversing from here onwards.

Falling wedges are classically bullish reversal patterns. For me, the ideal reversal point will be somewhere alongside the blue bottom support. This means that ETH has more room to fall, since this support resides between $1350 - $1400.

Whether it actually breaks bullish remains to be seen. September is historically a very bad month for crypto, so I wouldn't necessarily count on a bounce.