Ethereum price analysis: ETH/USD vigilance as daily candlestick has pierced rising wedge pattern, a close below could be catastrophic, with $300 as a possibility


  • Rising wedge pattern breached on the daily for ETH/USD, but a close below is key for further downside.
  • Support within the near-term for Ethereum seen at $628, should the price lose further ground and close below $700 area.

 

The Ethereum price on Tuesday is trading down 1.8%, as the market continues to bearish theme. Across the board, there appears to be little in the way of signs that the selling pressure will ease, with key levels being penetrated.

ETH/USD over the past couple of weeks, has formed a rising wedge pattern as seen on the daily frame, the candlestick has seen the price breaching the lower trend line of the mentioned pattern. Should ETH/USD close below, which is around $700, then this could open the door to further downside.

Technically, support in the near-term is seen at $628, where the price has been supported on several occasions already this year. A further breach could see a substantial drop back down to the $300 region, the price was last here on 9th April. Resistance to the upside is strong between $800-900, there is much in the way of a retest for $1,000.

 

ETH/USD daily chart


Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Recommended content


Recommended Content

Editors’ Picks

XRP struggles near $0.7440, could still sustain rally after Robinhood listing

XRP struggles near $0.7440, could still sustain rally after Robinhood listing

Ripple's XRP is trading near $0.6900, down nearly 3% on Wednesday, as declining open interest could extend its price correction. However, other on-chain metrics point to a long-term bullish setup.

More Ripple News
Dogecoin price forecast: Miners offload $240M as DOGE approaches risk zone

Dogecoin price forecast: Miners offload $240M as DOGE approaches risk zone

Since Donald Trump’s victory on November 5, Dogecoin has emerged as the best performing asset among the top 10 ranked cryptocurrencies. On November 12, DOGE reached a new milestone price propelled by Trump’s statement confirming Elon Musk’s involvement in the incoming administration. 

More Dogecoin News
Ethereum Price Forecast: ETH's declining supply could fuel bullish pressure toward $3,732

Ethereum Price Forecast: ETH's declining supply could fuel bullish pressure toward $3,732

Ethereum is trading near $3,220, down 2.5% on Wednesday after its supply began trending downward. The declining supply could fuel bullish pressure for the top altcoin, especially as institutional demand for ETH ETFs is also rising.

More Ethereum News
PEPE hits new all-time high, rallies nearly 50% following Robinhood and Coinbase listing

PEPE hits new all-time high, rallies nearly 50% following Robinhood and Coinbase listing

PEPE rallied over 50% on Wednesday and hit a new all-time high after crypto exchanges Robinhood and Coinbase announced they would list the meme coin on their respective trading platforms.

More Pepe News
Bitcoin: Further upside likely after hitting new all-time high

Bitcoin: Further upside likely after hitting new all-time high

Bitcoin hit a fresh high of $76,849 on Thursday as crypto-friendly candidate Donald Trump won the US presidential election. Institutional demand returned with the highest single-day inflow on Thursday since the ETFs’ launch in January.

Read full analysis
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

BTC

ETH

XRP