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Rising wedge signals potential ETH pullback toward $1.6K
Ether is near $1,890 after a roughly 25% monthlong jump, with wedge support around $1,830 to $1,850 that, if lost, could open the door to about a 15% drop.
Yahoo Finance said Ether has climbed about 25% over the past month, with ETH trading near $1,890 on July 24 after rebounding from a June low near $1,510.
The outlet pointed to a rising wedge pattern forming between two converging ascending trendlines, which it said often indicates weakening bullish momentum. It added that the setup is typically confirmed by a close below the wedge's lower trendline on stronger volume, followed by a move roughly equal to the wedge's maximum vertical distance.
According to the analysis, ETH's wedge support appears near $1,830 to $1,850, overlapping the 50-day exponential moving average at about $1,832. Losing that level could accelerate selling toward $1,600 to $1,605, roughly a 15% decline from current prices.
The piece also cited a competing technical picture, noting a double-bottom reversal on the daily chart with lows near $1,510 in June and a neckline around $1,837. Holding above the neckline keeps the double-bottom active, while failing to break above the projected resistance area near $2,186 to $2,188 would raise the odds the bearish wedge plays out instead.
Latest closeEthereum $1,867.81 ▼0.9%