Ethereum: Rising wedge

7 May 2021

Ethereum broke out to the downside of the rising wedge. It's still above the EMA ribbon so it can be a beartrap. But there is a good chance it will get rejected because a rising wedge is a bearish pattern trying to re-enter the wedge what results into a drop in price.

Technical price target if it gets rejected: 3150

8 May 2021

İşlem elle kapatılmış

I'm not really sure if ETH is in a rising wedge or in a ascending triangle. My first thought was a rising wedge because of declining volume.

Now I'm thinking of a ascending triangle. Volume is still not that high, but there is just not much sell pressure so that is why it is moving up.