Ethereum (ETH/USD) Chart Overview:
Ethereum (ETH/USD) has formed a Cup and Handle pattern on the daily timeframe, but instead of breaking out bullish, price is showing signs of a bearish breakdown.
The handle formation has taken the shape of a rising wedge, a typical bearish continuation pattern.
Price has broken below the wedge support, confirming potential downside momentum.
Technical Analysis:
1. Cup and Handle Breakdown: A failed bullish continuation suggests that sellers have taken control.
2. Rising Wedge Pattern: The recent consolidation (handle) formed a rising wedge, which has now broken down.
3. Key Resistance Zone: The $2,869 level is acting as strong resistance, preventing further upside.
4. Breakout Confirmation: ETH/USD has broken below the handle support, indicating a continuation of the downtrend.
Trade Plan:
Short Entry: Below $2,505
Stop-Loss: Above $2,869 (invalidates the setup if price reverses)
Target: $1,700 (previous support and Fibonacci level)
Fundamental Outlook:
Ethereum has faced selling pressure amid broader crypto market uncertainty.
Macroeconomic factors like rising bond yields and regulatory concerns could add to the bearish sentiment.
If Bitcoin faces further downside, ETH could follow suit.
If ETH remains below the breakout zone, we anticipate further downside toward $1,700. However, a reclaim of $2,869 could invalidate this bearish bias.
Must Suport And Let me know your thoughts! Happy trading!
Ethereum (ETH/USD) has formed a Cup and Handle pattern on the daily timeframe, but instead of breaking out bullish, price is showing signs of a bearish breakdown.
The handle formation has taken the shape of a rising wedge, a typical bearish continuation pattern.
Price has broken below the wedge support, confirming potential downside momentum.
Technical Analysis:
1. Cup and Handle Breakdown: A failed bullish continuation suggests that sellers have taken control.
2. Rising Wedge Pattern: The recent consolidation (handle) formed a rising wedge, which has now broken down.
3. Key Resistance Zone: The $2,869 level is acting as strong resistance, preventing further upside.
4. Breakout Confirmation: ETH/USD has broken below the handle support, indicating a continuation of the downtrend.
Trade Plan:
Short Entry: Below $2,505
Stop-Loss: Above $2,869 (invalidates the setup if price reverses)
Target: $1,700 (previous support and Fibonacci level)
Fundamental Outlook:
Ethereum has faced selling pressure amid broader crypto market uncertainty.
Macroeconomic factors like rising bond yields and regulatory concerns could add to the bearish sentiment.
If Bitcoin faces further downside, ETH could follow suit.
If ETH remains below the breakout zone, we anticipate further downside toward $1,700. However, a reclaim of $2,869 could invalidate this bearish bias.
Must Suport And Let me know your thoughts! Happy trading!
Trade active
Trade Closed Target Reached Chart pattren traget Hit Trade closed: target reached
Target Hit! Perfect Entry!We nailed the Cup and Handle pattern on ETH/USD — textbook breakout followed by a strong move downward.
The setup played out exactly as expected, with our entry point spot on and target fully hit!
This is a great example of patience, precision, and proper execution paying off.
Subscribe and stay tuned — a new setup is on the way!
Let’s catch the next move together!
join my free Channel
t.me/+Jd5ZLmsvF-FkZjg0
Telegram Contact
t.me/GoldUkExpert
t.me/+Jd5ZLmsvF-FkZjg0
Telegram Contact
t.me/GoldUkExpert
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
join my free Channel
t.me/+Jd5ZLmsvF-FkZjg0
Telegram Contact
t.me/GoldUkExpert
t.me/+Jd5ZLmsvF-FkZjg0
Telegram Contact
t.me/GoldUkExpert
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.