RATE Group | Ethereum Price Analysis: ETH/USD Creeps Closer To A Falling Wedge Pattern Breakout
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Ethereum Price Analysis: ETH/USD Creeps Closer To A Falling Wedge Pattern Breakout

21 Oct Ethereum Price Analysis: ETH/USD Creeps Closer To A Falling Wedge Pattern Breakout

Posted at 16:48h in Ethereum News by

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  • Ethereum’s shallow recovery culminates in mundane sideways trading under $180.
  • A falling wedge pattern breakout lingers amid hope for an end of the year rally.

Ethereum price remained lethargic over the weekend session. The suppression experienced forced its way under the key support at $170. However, the congestion of buyers above $169 gave way for a shallow recovery. ETH/USD remarkably forged towards $180 but the momentum fizzled out at $178.

A broader look at the chart in the daily range clearly shows a bullish picture. The price has also formed a higher low pattern from September’s devastating lows around $151. Despite the short-term uptrend, Ethereum has been capped under $200. Besides, the 200 Moving Average (MA) is standing in the line of attack currently at $183.

ETH/USD daily chart

ETH/USD price chart

The Impeding Falling Wedge Pattern Breakout

A falling wedge pattern spotted on the daily chart is lagging a breakout. This pattern is used to signify a reversal in technical analysis. The falling…

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