Several daily candles with long-wick rejections indicate uncertainty among market participants. Moreover, the ongoing consolation formed a descending triangel pattern in the 4-hour time frame chart. A bearish breakdown from $1190 will intensify the bearish momentum to promote further downfall.
Key points:
The Ethereum price is currently trapped in a no-trading zone
The coin needs a triangle pattern breakout to encourage a directional rally
The intraday trading volume in Ethereum is $14.5 Billion, indicating a gain of 32.6%.
Source-Tradingview
The Ethereum price turned sideways after the recent bloodbath in the crypto market initiated due to the collapse of FTX- crypto exchange, and panic selling in the market. The coin price currently trades at $1207 and has been reasoning within a descending triangle pattern for nearly two weeks.
The lower high formation with this bearish continuation pattern reflects a gradual decrease in bullish momentum. Furthermore, in response to this pattern
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