Bearish Scenario for Ethereum
If the weekly wedge is drawn from the line chart like this, it gives us a bearish rising wedge that has already had a weak and failed attempt to breakout from the top.
Failed breakouts (or failed breakdowns) tend to be strong indicators that - if another breakout attempt doesn't succeed soon after - expect the breakdown instead.
Should ETH see that breakdown, it may occur after losing ~1700 and then target right around or just below ~1k where TP 1 is.
It may not make it to TP 2, but could see a double bottom somewhere between TP 1 and 2 or near the wick low from June of 2022.
Alternative - there is a bullish way to draw the wedge on the weekly candle chart that would instead target 3k and then 4.5k, here is an example and I've linked the related chart in related ideas as well:
Failed breakouts (or failed breakdowns) tend to be strong indicators that - if another breakout attempt doesn't succeed soon after - expect the breakdown instead.
Should ETH see that breakdown, it may occur after losing ~1700 and then target right around or just below ~1k where TP 1 is.
It may not make it to TP 2, but could see a double bottom somewhere between TP 1 and 2 or near the wick low from June of 2022.
Alternative - there is a bullish way to draw the wedge on the weekly candle chart that would instead target 3k and then 4.5k, here is an example and I've linked the related chart in related ideas as well:
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