Decoding How Ethereum Traders Can Take Advantage of Rising Wedges

Decoding Ethereum

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Categories: Cryptocurrency

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Decoding How Ethereum Traders Can Take Advantage of Rising Wedges

Over the past few days, Ethereum (ETH) rebounded from the $900-zone, reversing its one-month trendline resistance (white, dashed). The recent string of red candlesticks has brought ETH under control for a near-term bearish trend.

The fallout on bitcoin sentiment has fueled a sense of fear in the altcoin market. ETH fell below the $1,090 level and took ETH on June 19 to January 2021 lows. As the gradual recovery phase continues, a potential rally above the $1,125 support could retest the month-long trendline resistance.

At press time, ETH was trading at $1,129.6, down 6.19% over the past 24 hours. ETH Bollinger Bands (BB) have revealed a bearish control while price was hovering near its lower band. The altcoin still had to break above its $1,200 area range to trigger a trend-changing rally.

Ethereum Price, Altcoin market, Bitcoin, Bollinger Bands, Cryptocurrency

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