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18.06.202115:44 Forex Analysis & Reviews: Ethereum price action gives warning signals as it breaks out of triangle pattern.

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Ethereum is trading around $2,265 and is now trading below the lower triangle boundary. Price has formed a triangle pattern as we explained in a previous analysis. This breakdown has provided us with a bearish signal.

Black lines - triangle pattern

Price is showing signs of weakness by breaking the triangle pattern and the recent low from June 12th. Price is starting to form lower highs and lower lows. This is typical of a bearish trend. If this pattern continues, Ethereum would have ended the sideways consolidation phase and a new sell off and downward move towards $1,700 should be coming.

Alexandros Yfantis
Analytical expert of InstaForex
© 2007-2024

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