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Ethereum Price At Risk Of Falling To $3.2k As Strong Resistance Emerges.
2021-10-10 | Mike Hallen
Source - Tradingview
As ETH rallied, a rising wedge formed, leaving a series of higher highs and lower lows in its wake. Meanwhile, the cryptocurrency's upward trajectory coincided with a drop in volume, indicating a lack of optimistic conviction among traders. Furthermore, the pinnacle of the structure—the point where its two trendlines converge—is located near two previous resistance zones. The first, as seen in the chart above, is an intermediate resistance bar that earlier identified ETH's peak above $3,650. Around the same time, the second barrier is a falling trendline at about $3,800, which may be seen more clearly in the daily chart below.
Source - Tradingview
As a result, the apex of the rising wedge and two resistance trendlines represent bearish reversal risks for Ether. If this occurs, the Ethereum token will plummet to the maximum height between the wedge's top and lower trendlines.
