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Ethereum price risks losing $4K on 'rising wedge' breakout fears
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A selloff in Ether (ETH) on Nov. 16 has increased the chances of ETH's price falling below $4,000.
ETH plunged 10% to around $4,100 on Tuesday, amid an ongoing market correction led by Bitcoin (BTC). In doing so, Ether dropped below its fourth-quarter upward trendline support.
ETH/USD also tested its 50-day exponential moving average (50-day EMA; the velvet wave in the chart above) as its new price floor before bouncing higher. The next support line to keep an eye on if the 50-day EMA is broken is somewhere around $3,700.
The given Ascending Trendline comes as a part of a Rising Wedge, a technical pattern many analysts treat as a bearish reversal signal. It appears when the price fluctuates inside a range defined by two converging, rising
Read more on cointelegraph.comAbout this in other media
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