Hi friends hope you are well and welcome to the new update on the Ethereum coin.
Big wedge formation:
On the weekly time frame Ethereum has entered a very big falling wedge pattern.
Priceline found the support of this pattern in the month of September 2021 then got 1st rejection by the resistance of this pattern in the month of November 2021, then again drop down at the support in the month of January 2022 and rejected by the resistance in the month of April 2022, finally, the priceline again dropped at the support of this wedge in the month of June 2022. Then Ethereum started another rally from June to August 2022 and after the rejection of August there was a price correction, and recently the price has again reached resistance but it is likely to be rejected once again. One thing is for sure, in order to start a big bull run Ethereum needs to breakout this huge wedge pattern.
Broke out a channel:
On a daily time frame, while moving inside the big falling wedge pattern Ethereum has also formed a down channel and already has broken out the resistance of this channel. The target for this break out is approximately at $3,500, however, so far the priceline is not able to reach the target for this break out from the channel because it has been stopped by the resistance of the bigger wedge pattern.
Inverse Head & Shoulder:
On the daily time frame, Ethereum has also formed an Inverse Head & Shoulder pattern. The right shoulder can work as strong support which is at $1400. If this support will be broken down then there can be a big drop expected up to the long-term support of $880 and there is also the support of wedge as well.
Conclusion:
In the short term, the priceline is testing very critical support of the right shoulder of the Inverse Head & Shoulder pattern. If this support will be broken down then price can drop to test the support of the falling wedge pattern and the long-term support of $880, however, in the long term, Ethereum has formed a very big bullish biased falling wedge pattern, and eventually, the priceline can break out the resistance of this wedge. Once Ethereum will be able to break out this big falling wedge pattern then the target can be the top of the wedge which will be approximately $4500.
Big wedge formation:
On the weekly time frame Ethereum has entered a very big falling wedge pattern.
Priceline found the support of this pattern in the month of September 2021 then got 1st rejection by the resistance of this pattern in the month of November 2021, then again drop down at the support in the month of January 2022 and rejected by the resistance in the month of April 2022, finally, the priceline again dropped at the support of this wedge in the month of June 2022. Then Ethereum started another rally from June to August 2022 and after the rejection of August there was a price correction, and recently the price has again reached resistance but it is likely to be rejected once again. One thing is for sure, in order to start a big bull run Ethereum needs to breakout this huge wedge pattern.
Broke out a channel:
On a daily time frame, while moving inside the big falling wedge pattern Ethereum has also formed a down channel and already has broken out the resistance of this channel. The target for this break out is approximately at $3,500, however, so far the priceline is not able to reach the target for this break out from the channel because it has been stopped by the resistance of the bigger wedge pattern.
Inverse Head & Shoulder:
On the daily time frame, Ethereum has also formed an Inverse Head & Shoulder pattern. The right shoulder can work as strong support which is at $1400. If this support will be broken down then there can be a big drop expected up to the long-term support of $880 and there is also the support of wedge as well.
Conclusion:
In the short term, the priceline is testing very critical support of the right shoulder of the Inverse Head & Shoulder pattern. If this support will be broken down then price can drop to test the support of the falling wedge pattern and the long-term support of $880, however, in the long term, Ethereum has formed a very big bullish biased falling wedge pattern, and eventually, the priceline can break out the resistance of this wedge. Once Ethereum will be able to break out this big falling wedge pattern then the target can be the top of the wedge which will be approximately $4500.