In the recent market developments, Ethereum showcased a remarkable upswing, surging to a yearly high of $2717.
However, this ascent was met with considerable selling pressure, prompting a slight retracement and setting the stage for a potential short-term consolidation correction.
Technical Analysis
By Shayan
Ethereum Price Analysis: The Daily Chart
A thorough examination of Ethereum’s daily chart uncovers a significant recent surge, with the price reaching a yearly peak of $2.7K. Simultaneously, ETH has emerged within an ascending expanding wedge pattern, identifiable by the orange lines. This pattern holds the potential for a bearish reversal, contingent upon the price breaking below the lower boundary.
Despite this, after Ethereum’s notable upward movement, the price encountered a pivotal resistance zone, notably – the static $2.7K level aligning with the upper boundary of the ascending wedge pattern.
This led to a slight retracement. Considering recent market sentiment and pr
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