The Ethereum coin is still trapped in a correction phase, led by a falling wedge pattern. The price action confirmed the $3600 mark as a valid support level, from where the price starts a new recovery. However, escaping this falling channel, the price will provide a better confirmation for carrying an upward rally.
Key technical Factors:
The ETH coin price action forms a descending wedge pattern in the daily chart
The intraday trading volume in the Ethereum coin is $9.75 Billion, indicating a 10% fall.
Source- Tradingview
The last time when we covered an article on Ethereum, the coin price showed an ascending triangle pattern with hopes of a bullish breakout. However, the price failed to rise above the resistance line of the triangle pattern and breached the support trendline. The downfall following the fallout reached $3650, which was predicted in the last article.
Presently, the coin price action shows a descending narrowing wedge pattern in the daily chart. The price shows
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