{"id":453315,"date":"2022-05-26T23:32:50","date_gmt":"2022-05-26T20:32:50","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/falling-wedge-pattern-points-to-eventual-ethereum-price-reversal-but-traders-expect-more-pain-first\/"},"modified":"2022-05-26T23:32:50","modified_gmt":"2022-05-26T20:32:50","slug":"falling-wedge-pattern-points-to-eventual-ethereum-price-reversal-but-traders-expect-more-pain-first","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/falling-wedge-pattern-points-to-eventual-ethereum-price-reversal-but-traders-expect-more-pain-first\/","title":{"rendered":"# Falling wedge pattern points to eventual Ethereum price reversal, but traders expect more pain first"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3dfb935390b\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3dfb935390b\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/falling-wedge-pattern-points-to-eventual-ethereum-price-reversal-but-traders-expect-more-pain-first\/#%E2%80%9D_Falling_wedge_pattern_points_to_eventual_Ethereum_price_reversal_but_traders_expect_more_pain_first_%E2%80%9C\" >&#8221; Falling wedge pattern points to eventual Ethereum price reversal, but traders expect more pain first &#8220;<\/a><ul class='ez-toc-list-level-2' ><li class='ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/falling-wedge-pattern-points-to-eventual-ethereum-price-reversal-but-traders-expect-more-pain-first\/#Price_consolidation_will_eventually_result_in_a_sharp_move\" >Price consolidation will eventually result in a sharp move<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/falling-wedge-pattern-points-to-eventual-ethereum-price-reversal-but-traders-expect-more-pain-first\/#ETH_could_make_new_lows_into_a_bullish_falling_wedge\" >ETH could make new lows into a bullish falling wedge<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/buradabiliyorum.com\/en\/falling-wedge-pattern-points-to-eventual-ethereum-price-reversal-but-traders-expect-more-pain-first\/#Bitcoin_dominance_rises\" >Bitcoin dominance rises<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Falling_wedge_pattern_points_to_eventual_Ethereum_price_reversal_but_traders_expect_more_pain_first_%E2%80%9C\"><\/span>&#8221; Falling wedge pattern points to eventual Ethereum price reversal, but traders expect more pain first &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div class=\"post-content\" data-v-2a0745c6>The cryptocurrency market was hit with another round of selling on May 26 as Bitcoin (BTC)\u00a0price dropped to $28,000 and Ether (ETH) briefly fell under $1,800. The ETH\/BTC pair also dropped below what traders deem to be an important ascending trendline, a move that traders say could result in Ether price correcting to new lows.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-05\/08cd61ed-a0c1-472f-9b87-6d836c80af50.png\"><figcaption style=\"text-align: center;\"><em>ETH\/USDT 1-day chart. Source: TradingView<\/em><\/figcaption><\/figure>\n<p>Here\u2019s a rundown of what several analysts in the market are saying about the move lower for Ethereum and what it could mean for its price in the near term. <\/p>\n<h2><span class=\"ez-toc-section\" id=\"Price_consolidation_will_eventually_result_in_a_sharp_move\"><\/span>Price consolidation will eventually result in a sharp move<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>A brief check-in on what levels of support and resistance to keep an eye on was provided by independent market analyst Micha\u00ebl van de Poppe, who <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/CryptoMichNL\/status\/1529714380262318080\">posted<\/a> the following chart showing Ether trading near its range low. <\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-05\/ab051122-509b-444e-a3e9-dd3824670e0b.png\"><figcaption style=\"text-align: center;\"><em>ETH\/USD 1-hour chart. Source: <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Twitter<\/a><\/em><\/figcaption><\/figure>\n<p>Van de Poppe said, <\/p>\n<blockquote><p>\u201cThe question will be whether we can bounce from here and break the $1,940 level. If that h<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ens, I&#8217;m assuming we&#8217;ll continue $2,050. If it doesn&#8217;t, then the markets are looking at <\/p>\n<h2><span class=\"ez-toc-section\" id=\"ETH_could_make_new_lows_into_a_bullish_falling_wedge\"><\/span>ETH could make new lows into a bullish falling wedge<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>According to Twitter analyst\u00a0Crypto Tony, Ether price is \u201cstill looking for that leg down to load up on.\u201d<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-05\/37b54461-6fc9-44f2-a9a1-d5ecc9f19862.jpg\"><figcaption style=\"text-align: center;\"><em>ETH\/USDT 4-hour chart. Source: Twitter<\/em><\/figcaption><\/figure>\n<p>While it might look negative, this development is actually a positive sign, according to Cointelegraph contributor Jon Morgan, who noted that the pattern outlined on this chart is a falling wedge, a \u201cbullish standard candlestick\/bar chart pattern that is indicative of a market that has moved to an extreme and is likely to reverse.&#8221;<\/p>\n<p>Morgan said,<\/p>\n<blockquote><p>\u201cVery high expectancy rate of creating either a violent corrective move higher or an entirely new uptrend.\u201d<\/p><\/blockquote>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Ethereum price dips below the $1.8K support as bears prepare for Friday\u2019s $1B options expiry<\/em><\/strong><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Bitcoin_dominance_rises\"><\/span>Bitcoin dominance rises<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-05\/cab38f12-67f9-4298-9d25-ba6870016c3e.jpg\"><figcaption style=\"text-align: center;\"><em>ETH\/BTC 1-day chart. Source: Twitter<\/em><\/figcaption><\/figure>\n<p>According to economist\u00a0Caleb Franzen, the ETH\/BTC pair lost a key support and this is notable because:<\/p>\n<blockquote><p>\u201cThis means that at least one of these statements will be true: $ETH is weakening relative to $BTC; $BTC will outperform $ETH; Alts will underperform $BTC.\u201d<\/p><\/blockquote>\n<p>Adding to the ETH\/BTC discussion,\u00a0Twitter user CrediBULL Crypto\u00a0 noted that the price is \u201cstarting to take some of our local lows.\u201d<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-05\/f3a1fac2-6b60-4967-911e-3cb1479d74bc.jpg\"><figcaption style=\"text-align: center;\"><em>ETH\/BTC 3-day chart. Source: Twitter<\/em><\/figcaption><\/figure>\n<p>The analyst said, <\/p>\n<blockquote><p>\u201cAny relief here is temporary until we traverse to the bottom of this range, imo. In fact, we may head even lower than pictured here before staging a recovery, but will assess once we hit my target.\u201d<\/p><\/blockquote>\n<p>In <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/general\/\" data-internallinksmanager029f6b8e52c=\"3\" title=\"General\" target=\"_blank\" rel=\"noopener\">general<\/a>, continued weakness with the ETH\/BTC pair has the potential to result in the price of Ether and altcoins trending lower while BTC could hold at its current price or even head higher as traders rotate out of underperforming positions into Bitcoin. <\/p>\n<p>The overall cryptocurrency market cap now stands at $1.235 trillion and Bitcoin\u2019s dominance rate is 46.2%.<\/p>\n<p class=\"post-content__disclaimer\">The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.\n<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template>\n<\/p><\/blockquote>\n<\/div>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/falling-wedge-pattern-points-to-eventual-ethereum-price-reversal-but-traders-expect-more-pain-first\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Falling wedge pattern points to eventual Ethereum price reversal, but traders expect more pain first &#8220; The cryptocurrency market was hit with another round of selling on May 26 as Bitcoin (BTC)\u00a0price dropped to $28,000 and Ether (ETH) briefly fell under $1,800. The ETH\/BTC pair also dropped below what traders deem to be an&#8230;<\/p>\n","protected":false},"author":1,"featured_media":453316,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDUvNTdhZmZlNzYtNWIxMS00YmMyLWI5ZGYtNDEzZmY2YTIyNjdlLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74867,74862,74937,74982,74863,82402,74891,74938,75150,73785],"class_list":["post-453315","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-altcoin","tag-bitcoin","tag-bitcoin-price","tag-btc-markets","tag-cryptocurrencies","tag-ether-price","tag-ethereum","tag-ethereum-price","tag-market-update","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/453315","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=453315"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/453315\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/453316"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=453315"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=453315"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=453315"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}