Ethereum (ETH) Shows Descending Triangle Pattern

Ethereum Shows Descending Triangle Pattern. Will ETH Hit $2400 Soon?
-Ethereum (ETH) shows a bearish signal.
-This leads to a price decrease to below $1800.
-The ETH shows an ascending channel making the price reach over $2400.

Ethereum (ETH) shows a bearish signal. However, this leads to a price decrease to below $1800. In addition to the bearish run, the ETH also shows an ascending channel. This could make the ETH price reach over $2400.

Ethereum is a decentralized blockchain network that hosts the crypto Ether. Moreover, it is the second-largest crypto by market cap. Since it launched in 2015, Ether has quickly contended Bitcoin as one of the world’s most important cryptocurrencies in terms of market capitalization. 

Even more, the ETH reached an all-time high price of $2036, on February 20.

Ethereum (ETH) Price analysis

According to CoinGecko, the ETH price is at $1952, at the time of writing.

ETH/USD Descending Triangle Pattern (Source: TradingView)

The above chart shows the descending triangle pattern of ETH. This is an important indicator since ETH has been showing bearish over the past month. Consequently, the descending triangle pattern hints that ETH will finally go bearish.

In the foreseeable future, we can say that ETH has a higher chance of going bearish than bullish. In simple terms, the price of ETH might plummet to almost $1800 to $1640, a bearish signal.

There is a chance of bullish signal if the ETH price touches $2040 mark. 

ETH/USDT Ascending Channel (Source: TradingView)

The above chart shows the ascending channel of ETH. Moreover, the price is currently above short term support, if the price continues to hold above the support of $2040, it is expected the price will move higher towards $2,400 or even higher.

  • Resistance Level1 – $2,040
  • Resistance Level 2 – $2,400
  • Support Level 1 – $1,800
  • Support Level 2 – $1,640

Meanwhile, the Relative Strength Index (RSI) is already in its overbought state. Also, the volume trend is low, since few investors are putting only a little money at risk. Furthermore, traders need to be careful since the cryptocurrency might trigger a major price reversal. 

Disclaimer: The opinion expressed in this chart solely the author’s. It is not interpreted as investment advice.

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