In particular ethereum appears to be forming a bearish flag and a break below the 500 level could lead to a drop of the same height as the mast. The technical setup appears after an asset forms a consolidation channel upward following a strong bearish move.
Ethereum Slides To Crucial Support Level As Analysts Eye An Emerging Bull Flag
Ethereum bull flag breakout could set price en route to 350.
Ethereum flag. Ethereum is facing risks of undergoing a massive plunge as it partially confirms a bearish flag pattern. Ethereum must defend the flag pattern support to avoid declines that are likely to retest 240. Ethereum could be printing a bull flag on the daily chart that could ultimately push its value to 290 levels.
The 100 sma is below the longer term 200 sma to indicate that the path of least resistance is to the downside. This spans 500 to 620 so the resulting drop could take price to 380. It is the last friday of june 2020 and the crypto markets are very much volatile with bitcoin trading at 9100 and ethereum battling to maintain the now common 228 support zone.
The downward movement is called flagpole while the consolidation is referred to as the flag itself. Prior to the fall ethusd had corrected above 285 resistance. Heres why ethereum broke out of its sideways range on july 21 eventually establishing a quarter to date high at 28076.
The breakout move also confirmed a bullish flag pattern a continuation signal that occurs as a brief pause following a significant price move higher. Ethereum held on to the support at 240 in the most recent declines. The crypto extended the gains above towards 290 but a reversal occurred at 28847.
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