{"id":565981,"date":"2023-12-19T18:00:14","date_gmt":"2023-12-19T18:00:14","guid":{"rendered":"https:\/\/ktsl888.com\/?p=565981"},"modified":"2023-12-19T12:54:29","modified_gmt":"2023-12-19T12:54:29","slug":"ethereum-bearish-falling-wedge","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/ethereum\/ethereum-bearish-falling-wedge\/","title":{"rendered":"Ethereum Bearish Falling Wedge Pattern Appears, How Low Can Price Go?"},"content":{"rendered":"

Ethereum has followed the general trend of Bitcoin<\/a> over the last few weeks and when the asset\u00a0<\/span>dipped from its 2023 peak, so did the price of ETH. Following this decline in price, a worrying pattern has appeared on the ETH chart known as a falling wedge pattern. This was brought to light by crypto analyst Alan Santana, who has painted a grim picture of what this could mean for Ethereum.<\/p>\n

Ethereum Falling Wedge Pattern Is Bearish<\/h2>\n

In the analysis posted on the TradingView website, Alan Santana explains that the appearance of this falling wedge pattern does not bode well for the Ethereum price. Apparently, the ETH chart had formed a perfect rising wedge which eventually broke bearish. Given this, the crypto analyst explains that it shows that the Ethereum price<\/a> is moving alongside the rest of the crypto market in a \u201cnormal but fast correction.\u201d<\/p>\n

Related Reading: MicroStrategy\u2019s Michael Saylor Calls Bitcoin An Institutional-Grade Asset Destined For $1 Million<\/a><\/div>\n

The crypto analyst also backs up their analysis with the Ethereum Moving Average Convergence\/Divergence (MACD) indicator. In the chart shared by the analyst, there is a clear decline in the MACD on the daily chart, which lends credence to the bearish pressure mounting on ETH<\/a>.<\/p>\n

\"Ethereum<\/p>\n

Source: Tradingview.com<\/a><\/pre>\n
Furthermore, using the Relative Strength Index (RSI) on the daily chart as well, there is also a clear decline. The RSI has apparently already lost its trend line support and is now moving below 50. The simple fact suggests a turn toward the bearish direction for the cryptocurrency.<\/p>\n
Santana explains that these indicators show that the bias toward a downward spiral is strong, especially since it has already seen a double-top pattern. \u201cVolume continues to drop, the calm before the storm. Slowly, slowly down… Nothing is happening, everything is good then Boom!\u201d the analyst warns.<\/p>\n
\"Ethereum<\/p>\n
ETH price above $2,200 | Source: ETHUSD on Tradingview.com<\/a><\/pre>\n
Price Targets For ETH\u2019s Bearish Formation<\/h2>\n
From the chart posted in the analysis, the crypto analyst seems to expect at least a 20% drawdown for Ethereum<\/a> following the double-top formation. Now, the chart puts the double top formation when the asset\u2019s price briefly touched the $2,400 level last week.<\/p>\n
Related Reading: VanEck CEO Predicts When The Bitcoin Price Will Reach $69,000 Again<\/a><\/div>\n
After that, expectations have quickly gone in the opposite direction and as the formation plays out, the crypto analyst sees a decline to at least $1,800 from here. If further downside follows, then Santana expects that there will be more drawdowns that will end somewhere around $1,600.<\/p>\n
The Ethereum price<\/a> is still trending around $2,200 at the time of writing, suggesting the bear pressure is still mounting. If it breaks down from here, then Santana\u2019s prediction could prove right and ETH\u2019s price<\/a> could fall back to mid-October levels.<\/p>\n
Featured image from Crypto Briefing, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"
Ethereum has followed the general trend of Bitcoin over the last few weeks and when the asset\u00a0dipped from its 2023 peak, so did the price of ETH. Following this decline in price, a worrying pattern has appeared on the ETH chart known as a falling wedge pattern. This was brought to light by crypto analyst Alan Santana, who has painted a grim picture of what this could mean for Ethereum. Ethereum Falling Wedge Pattern Is Bearish In the analysis posted on the TradingView website, Alan Santana explains that the appearance of this falling wedge pattern does not bode well for the Ethereum price. Apparently, the ETH chart had formed a perfect rising wedge which eventually broke bearish. Given this, the crypto analyst explains that it shows that the Ethereum price is moving alongside the rest of the crypto market in a \u201cnormal but fast correction.\u201d Related Reading: MicroStrategy\u2019s Michael Saylor Calls Bitcoin An Institutional-Grade Asset Destined For $1 Million The crypto analyst also backs up their analysis with the Ethereum Moving Average Convergence\/Divergence (MACD) indicator. In the chart shared by the analyst, there is a clear decline in the MACD on the daily chart, which lends credence to the bearish pressure mounting on ETH. Source: Tradingview.com Furthermore, using the Relative Strength Index (RSI) on the daily chart as well, there is also a clear decline. The RSI has apparently already lost its trend line support and is now moving below 50. The simple fact suggests a turn toward the bearish direction for the cryptocurrency. Santana explains that these indicators show that the bias toward a downward spiral is strong, especially since it has already seen a double-top pattern. \u201cVolume continues to drop, the calm before the storm. Slowly, slowly down… Nothing is happening, everything is good then Boom!\u201d the analyst warns. ETH price above $2,200 | Source: ETHUSD on Tradingview.com Price Targets For ETH\u2019s Bearish Formation From the chart posted in the analysis, the crypto analyst seems to expect at least a 20% drawdown for Ethereum following the double-top formation. Now, the chart puts the double top formation when the asset\u2019s price briefly touched the $2,400 level last week. Related Reading: VanEck CEO Predicts When The Bitcoin Price Will Reach $69,000 Again After that, expectations have quickly gone in the opposite direction and as the formation plays out, the crypto analyst sees a decline to at least $1,800 from here. If further downside follows, then Santana expects that there will be more drawdowns that will end somewhere around $1,600. The Ethereum price is still trending around $2,200 at the time of writing, suggesting the bear pressure is still mounting. If it breaks down from here, then Santana\u2019s prediction could prove right and ETH\u2019s price could fall back to mid-October levels. Featured image from Crypto Briefing, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":565993,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[13625],"tags":[8323,89213,16163,1946,7931,6931,84165,90911,8686],"class_list":["post-565981","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum","tag-eth","tag-eth-news","tag-eth-price","tag-ethereum","tag-ethereum-news","tag-ethereum-price","tag-ethereum-price-prediction","tag-ethsusdt","tag-ethusd"],"acf":[],"yoast_head":"\nEthereum Bearish Falling Wedge Pattern Appears, How Low Can Price Go?<\/title>\n<meta name=\"description\" content=\"Ethereum has followed the general trend of Bitcoin over the last few weeks and when the asset\u00a0dipped from its 2023 peak, so did ETH.\" \/>\n<meta name=\"robots\" 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During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/MathersonScott"],"url":"https:\/\/ktsl888.com\/author\/mathersonscott1\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Ethereum Bearish Falling Wedge Pattern Appears, How Low Can Price Go?","url":"http:\/\/ktsl888.com\/news\/ethereum\/ethereum-bearish-falling-wedge\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/ktsl888.com\/news\/ethereum\/ethereum-bearish-falling-wedge\/"},"thumbnailUrl":"https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/12\/Ethereum-Small-2.jpeg?resize=200%2C183","image":{"@type":"ImageObject","url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/12\/Ethereum-Small-2.jpeg?fit=320%2C183"},"articleSection":"Ethereum","author":[{"@type":"Person","name":"Scott Matherson"}],"creator":["Scott Matherson"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["eth","eth news","eth price","ethereum","ethereum news","ethereum price","ethereum price prediction","ethsusdt","ethusd"],"dateCreated":"2023-12-19T18:00:14Z","datePublished":"2023-12-19T18:00:14Z","dateModified":"2023-12-19T18:00:14Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Ethereum Bearish Falling Wedge Pattern Appears, How Low Can Price Go?\",\"url\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/ethereum\\\/ethereum-bearish-falling-wedge\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/ethereum\\\/ethereum-bearish-falling-wedge\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2023\\\/12\\\/Ethereum-Small-2.jpeg?resize=200%2C183\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2023\\\/12\\\/Ethereum-Small-2.jpeg?fit=320%2C183\"},\"articleSection\":\"Ethereum\",\"author\":[{\"@type\":\"Person\",\"name\":\"Scott Matherson\"}],\"creator\":[\"Scott Matherson\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"eth\",\"eth news\",\"eth price\",\"ethereum\",\"ethereum news\",\"ethereum price\",\"ethereum price prediction\",\"ethsusdt\",\"ethusd\"],\"dateCreated\":\"2023-12-19T18:00:14Z\",\"datePublished\":\"2023-12-19T18:00:14Z\",\"dateModified\":\"2023-12-19T18:00:14Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/ktsl888.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/12\/Ethereum-Small-2.jpeg?fit=320%2C183","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/565981"}],"collection":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/users\/594"}],"replies":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/comments?post=565981"}],"version-history":[{"count":0,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/565981\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media\/565993"}],"wp:attachment":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media?parent=565981"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/categories?post=565981"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/tags?post=565981"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}