Ethereum risks drop below $3.2K
CRYPTO SIGNALS _ confluence of at least three different bearish indicators appears on Ethereum’s multi-timeframe charts, suggesting that its ongoing bull run risks exhaustion.
Ethereum’s native token Ether (ETH) is at risk of falling below $3,200 in the coming sessions as its rally comes face-to-face with a strong resistance zone.
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In detail, the price of Ether swelled by almost 22% on a month-to-date timeframe in the wake of a market-wide price rally. That pushed the second-largest cryptocurrency by market capitalization from under $3,000 to above $3,650 in the first eight days of October, triggering more bullish forecasts.
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“Six thousand dollars will happen fast; $10,000 is programmed,” noted Twitter-based technical chartist Crypto Cactus. David Gokhshtein, CEO of distributed data network PAC Protocol, predicted a $10,000 upside target for Ether, as well.
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Two resistance zones and a rising wedge
The three bearish indicators that could prompt Ether to undergo a bearish reversal are a rising wedge, a descending trendline resistance, and an interim resistance bar, as shown in the chart below.
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A rising wedge surfaced as ETH rallied and left behind a sequence of higher highs and lower lows.
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As a result, the rising wedge’s apex and the two resistance trendlines pose bearish reversal risks to Ether. Should it happen, the Ethereum token will crash by as much as the maximum height between the wedge’s upper and lower trendlines.
Related: 3 factors that can send Ethereum price to 100% gains in Q4
That puts it en route to below $3,200, which served as an accumulation zone for Ethereum traders in the first half of September 2021. BTCUSD BITCOIN DROPPED FAST 23 02 2021
Activating inverse head and shoulder?
A drop towards or below $3,200 does not necessarily push Ether into a full-fledged bearish cycle. Conversely, it could trigger a bullish inverse head and shoulder setup.
cryptocurrencynews Ethereum risks drop below $3.2K
Ethereum risks drop below $3.2K
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Ethereum risks drop below $3.2K
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