ETHUSD: Very Bearish Pattern Spotted

7 giu 2022

Hey traders,

Ethereum is coiling around 1700 key daily structure support for a month.
Even though the first reaction to that structure was quite strong,
the price keeps setting lower highs not being able to set a new high.

Analyzing a price action, we now see a classic bearish accumulation pattern:
the market is stuck within a descending triangle formation with a sequence of lower highs and equal lows.

Be prepared for a breakout attempt of 1700 level,
if we close below that on a daily, Ethereum will most likely drop to 1547 / 1400 levels.

Alternatively, if the price breaks a falling trend line, it may trigger a strong buying reaction.

What is your view?

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