Ethereum continues the decline, looking for a move lower towards $1,700 at least.

In previous posts we mentioned the triangle pattern Ethereum was trading in. Price broke out and below the triangle pattern providing us with a bearish signal. Price bounced towards the lower triangle boundary for a back test and the rejection has lead to new lower lows.

Name: e-a-210621.jpg Views: 57 Size: 115.6 KB

Black lines - triangle pattern

Ethereum got rejected at the back test of the broken triangle pattern and is making lower lows and lower highs. Our expectation is to see price break below $2,000 soon and eventually test the May lows. There are increased chances of breaking below the May lows, specially because the bounce after the decline was very shallow. This is a sign of weakness. Resistance is found at $2,350. Trend remains bearish as long as price is below $2,700.




Name: 45.png Views: 8 Size: 15.5 KB
Alexandros Yfantis
Analytical expert
InstaForex Group © 2007-2021