Ethereum - Wedge Chart Pattern

Let's look at the 4H timeframe of Ethereum as we have a new chart pattern here. The market forms a wedge which can act as either a continuation or a reversal pattern. Everything will depend on the direction of a breakout. If the price breaks the support line, we will get the reversal pattern which confirms further falling to MAs and the uptrend line. This downward movement will be in the format of the daily uptrend structure as a correction.

If the price breaks the resistance line, the pattern will be confirmed as a continuation one. Moving above 150.00 resistance level will give a signal telling us that the market is going to move upward to the nearest resistance levels. Probably 200.00 level will be the 1st target for this wave.

Now the price keeps sideways movement, and we don't have any trading opportunities.


QUIZ: What type of wedges, rising or falling, ETH has formed? Write your variants in comments!

Comment:

Very funny! Who pumps ETH? Any ideas - write in comments!