ETH nearing a possible breakout from falling wedge
Ethereum is picking up like the rest of the market, closing on the resistance of falling wedge formation. If It manage to break out of it, ETH will easily reach next target at $300 and $360. If the price retrace again, one stronger support is under $200 level.
The Falling Wedge is a bullish pattern that begins wide at the top and contracts as prices move lower (market red and green). This price action forms a zone that slopes down as the reaction highs and reaction lows converge. In contrast to symmetrical triangles, which have no definitive slope and no bias, falling wedges definitely slope down and have a bullish bias. However, this bullish bias cannot be realized until a resistance breakout.
The Falling Wedge is a bullish pattern that begins wide at the top and contracts as prices move lower (market red and green). This price action forms a zone that slopes down as the reaction highs and reaction lows converge. In contrast to symmetrical triangles, which have no definitive slope and no bias, falling wedges definitely slope down and have a bullish bias. However, this bullish bias cannot be realized until a resistance breakout.