Amid the broader market correction, the Ethereum coin witnessed a three-day losing streak with its price falling from $3286 to $2888 accounting for 12%. The recent fall backed by increasing volume hints at the sellers’ conviction to lead the asset value lower as BTC goes Sub-60K. However, an analysis of the daily chart shows the correction still holds above a healthy retracement level and keeps the bullish pattern intact for a potential reversal.
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Ethereum’s Falling Wedge Hints a Silver Lining in the Bearish Cloud
Ethereum Price| Tradingview
In the past seven weeks, the Ethereum price has shown a textbook example of a downtrend with new lower highs and lows in the daily chart. This price swing connected with downsloping trendlines reveals a falling wedge pattern which is a bullish continuation setup often spotted in an established uptrend.
Under the influence of this pattern, the ETH price plunged from
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