Ethereum traders target the $1,650 to $1,400 zone after ETH price dropped closer to a critical support level.
The descending triangle pattern also forecasts further downside
A separate, but equally bearish descending triangle chart pattern was highlighted by Crypto Tony, whoBased on the lower area of support highlighted on the chart provided by Crypto Tony, a breakdown below the current price could see Ether pullback to the $1,450 to $1,600 range.Price momentum turns negative
A more macro view of the general weakness being displayed by Ether was offered by cryptocurrency trader Cantering Clark, who “If I didn't think that this time was slightly different, I would look at this $ETH chart and think ‘Big ships turn slowly, and they don't stop easily.’”“By high timeframe measures, this could be the beginning of actual momentum down.”
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
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