Ethereum Nears Key Bearish Triangle Apex: Breakdown To $2,160 Target Looms

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Ethereum Nears Key Bearish Triangle Apex: Breakdown To $2,160 Target Looms - NewsBTC

Quick Summary:

ETH’s market cap has increased by 2.32%, while its trading volume has surged by 33.62% Analyzing Current Price Actions Within The Bearish Triangle On the 4-hour chart, ETH’s price is currently trading below the 100-day Simple Moving Average (SMA) and is moving closer to the lower boundary of a bearish triangle, with several bearish candlesticks forming.

Potential Scenarios For Ethereum Following A Breakout If Ethereum’s current trading activities lead to a breakout below the bearish triangle, the price may continue to descend toward the $2,160 support level.

If the cryptocurrency breaks below the lower boundary of this triangle, it could lead to a sharp decline towards the $2,160 target. This article aims to provide readers with a detailed technical analysis of Ethereum’s price action, emphasizing the importance of the bearish triangle pattern that has emerged on the charts.