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Breaking News: Bitcoin, Ethereum, Solana Rally Towards All-Time Highs: Top Analysts Share Predictions

Ethereum Nears Key Bearish Triangle Apex: Breakdown To $2,160 Target Looms

Godspower Owie
Godspower Owie
1 year ago
3 mins read
Ethereum

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Recent trading activities reveal that Ethereum is approaching a crucial point in its trading as it forms a bearish triangle pattern, signaling a potential significant breakout. If the cryptocurrency breaks below the lower boundary of this triangle, it could lead to a sharp decline towards the $2,160 target. 

This article aims to provide readers with a detailed technical analysis of Ethereum’s price action, emphasizing the importance of the bearish triangle pattern that has emerged on the charts. It will also explore how this pattern indicates a potential downward move toward the $2,160 support level.

In the past 24 hours, Ethereum has gone up by 2.11%, reaching around $2,642, with a market capitalization of over $317 billion and a trading volume exceeding $21 billion at the time of writing. ETH’s market cap has increased by 2.32%, while its trading volume has surged by 33.62%

Analyzing Current Price Actions Within The Bearish Triangle

On the 4-hour chart, ETH’s price is currently trading below the 100-day Simple Moving Average (SMA) and is moving closer to the lower boundary of a bearish triangle, with several bearish candlesticks forming. This indicates a prevailing bearish sentiment in the market and suggests the potential for further price declines.

Ethereum
Ethereum trending toward the lower boundary of a bearish triangle | Source: ETHUSDT on Tradingview.com

Additionally, an examination of the 4-hour Composite Trend Oscillator reveals that both the signal line and the SMA line are currently in the overbought zone, with the signal line attempting to cross below the SMA line. This suggests that bearish pressure is building up for the cryptocurrency, potentially resulting in more price declines.

On the 1-day chart, Ethereum remains below the 100-day SMA and, with a single bearish candlestick, is approaching the lower boundary of the bearish triangle. Given the current price action on the daily timeframe, it appears that bearish momentum is increasing, which could potentially lead to a price breakout.

Ethereum
Ethereum’s bearish strength sparks bearish triangle breakout below | Source: ETHUSDT on Tradingview.com

Finally, the composite trend oscillator on the 1-day chart also suggests a potential for continued bearish movement, with both the signal line and the SMA line in the oversold zone, showing no signs of crossing above.

Potential Scenarios For Ethereum Following A Breakout

If Ethereum’s current trading activities lead to a breakout below the bearish triangle, the price may continue to descend toward the $2,160 support level. When the crypto asset reaches this level and breaks below, it could lead to a further bearish move toward other lower levels.

However, if Ethereum fails to break below, it might start moving toward the upper boundary of the bearish triangle. Should the cryptocurrency break above this upper boundary, ETH could continue to rise to test the $2,816 resistance range and possibly advance to challenge higher levels if the price surpasses this resistance.

Ethereum
ETH trading at $2,623 on the 1D chart | Source: ETHUSDT on Tradingview.com
Featured image from iStock, chart from Tradingview.com
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Godspower Owie
Godspower Owie

Godspower Owie

My name is Godspower Owie, and I was born and brought up in Edo State, Nigeria. I grew up with my three siblings who have always been my idols and mentors, helping me to grow and understand the way of life.

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My parents are literally the backbone of my story. They’ve always supported me in good and bad times and never for once left my side whenever I feel lost in this world. Honestly, having such amazing parents makes you feel safe and secure, and I won’t trade them for anything else in this world.

I was exposed to the cryptocurrency world 3 years ago and got so interested in knowing so much about it. It all started when a friend of mine invested in a crypto asset, which he yielded massive gains from his investments.

When I confronted him about cryptocurrency he explained his journey so far in the field. It was impressive getting to know about his consistency and dedication in the space despite the risks involved, and these are the major reasons why I got so interested in cryptocurrency.

Trust me, I’ve had my share of experience with the ups and downs in the market but I never for once lost the passion to grow in the field. This is because I believe growth leads to excellence and that’s my goal in the field. And today, I am an employee of Bitcoinnist and NewsBTC news outlets.

My Bosses and co-workers are the best kinds of people I have ever worked with, in and outside the crypto landscape. I intend to give my all working alongside my amazing colleagues for the growth of these companies.

Sometimes I like to picture myself as an explorer, this is because I like visiting new places, I like learning new things (useful things to be precise), I like meeting new people - people who make an impact in my life no matter how little it is.

One of the things I love and enjoy doing the most is football. It will remain my favorite outdoor activity, probably because I'm so good at it. I am also very good at singing, dancing, acting, fashion and others.

I cherish my time, work, family, and loved ones. I mean, those are probably the most important things in anyone's life. I don't chase illusions, I chase dreams.

I know there is still a lot about myself that I need to figure out as I strive to become successful in life. I’m certain I will get there because I know I am not a quitter, and I will give my all till the very end to see myself at the top.

I aspire to be a boss someday, having people work under me just as I’ve worked under great people. This is one of my biggest dreams professionally, and one I do not take lightly. Everyone knows the road ahead is not as easy as it looks, but with God Almighty, my family, and shared passion friends, there is no stopping me.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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