RATE Group | Here’s How Far Ethereum Could Drop if it Confirms an Ultra Bearish Technical Pattern
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Here’s How Far Ethereum Could Drop if it Confirms an Ultra Bearish Technical Pattern

28 Apr Here’s How Far Ethereum Could Drop if it Confirms an Ultra Bearish Technical Pattern

Posted at 05:54h in Cryptocurrency News by

Ethereum, like most of its peers, has incurred a slight amount of selling pressure today that has led it to decline from highs of just under $200 that were set yesterday. This tempered move lower comes as the crypto is caught within a firm mid-term uptrend.

It does appear that this uptrend may be short-lived, however, as analysts are now widely pointing to the existence of a massive rising wedge pattern that it is currently caught within, as a bearish resolution to this pattern could lead to significant losses.

This also coincides with bearishness flashed by ETH against its Bitcoin trading pair, and the confluence of its weakness across its two major trading pairs signals downside is imminent.

Ethereum Drifts Lower as Weakness Against Bitcoin Grows

At the time of writing, Ethereum is trading down over 1% at its current price of $193.70, marking a slight decline from daily highs of nearly $200 that were set yesterday.

ETH is also showing some weakness against its Bitcoin trading pair,…

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