{"id":13820,"date":"2021-11-16T16:45:50","date_gmt":"2021-11-16T15:45:50","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=13820"},"modified":"2021-11-16T16:46:00","modified_gmt":"2021-11-16T15:46:00","slug":"price-of-eth-to-plummet-by-4000-on-fears","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/price-of-eth-to-plummet-by-4000-on-fears\/","title":{"rendered":"Price of Ether (ETH) to Plummet by $4,000 on Fears of a ‘rising wedge’"},"content":{"rendered":"\n
The possibilities of Ether (ETH) going below $4,000 have increased following a selloff on Nov. 16<\/h5>\n\n\n\n
\"Price
Price of Ether (ETH) to Plummet by $4,000 on Fears of a ‘rising wedge'<\/figcaption><\/figure>\n\n\n\n

ETH Fell 10%<\/h2>\n\n\n\n

On Tuesday, ETH \r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>fell 10% to about $4,100, owing to a market correction driven by Bitcoin (BTC<\/use><\/svg><\/span><\/a>). Ether fell below its fourth-quarter<\/use><\/svg><\/span><\/a> upward trendline support as a result.<\/p>\n\n\n\n
\"Price

ETH\/USD daily price chart. Source: TradingView<\/em><\/figcaption><\/figure>\n\n\n\n

Before rising higher, ETH\/USD<\/a> challenged its 50-day exponential moving average (50-day EMA; the velvet wave in the chart above) as a fresh price bottom. If the 50-day EMA is broken, the next support line to watch is probably around $3,700.<\/p>\n\n\n\n

Are there going to be more drops?<\/h2>\n\n\n\n

The presented situation The Ascending Trendline is part of a Rising Wedge, which many analysts regard as a bearish reversal indicator. When the price moves within a range established by two converging, rising trendlines, it appears.<\/p>\n\n\n\n

\"Price
ETH\/USD daily price chart featuring Rising Wedge setup. Source: TradingView<\/em><\/figcaption><\/figure>\n\n\n\n

Analysts validate a Wedge<\/use><\/svg><\/span><\/a> breakthrough when the price breaks below the lower trendline and is accompanied by an increase in trading volume. They usually look for a run-down to the level at a length equal to the width of the Wedge's trendlines.<\/p>\n\n\n\n

As a result of the Rising Wedge pattern, Ether has the potential to plummet below $3,000 in price. There is, however, a snag.<\/p>\n\n\n\n

Ascending Triangle formation<\/h2>\n\n\n\n

The Ascending Triangle formation counteracts the bearish reversal situation created by the Rising Wedge structure, putting Ether at roughly $6,500<\/use><\/svg><\/span><\/a> by the end of 2021.<\/p>\n\n\n\n

Days after breaking over the Triangle's resistance level, the ETH price<\/use><\/svg><\/span><\/a> retests it as support, forming a bullish setup. <\/p>\n\n\n\n

This type of action often eliminates weak hands from the market, allowing traders\/investors with a long-term upward outlook to profit from the asset's solid fundamentals<\/use><\/svg><\/span><\/a>.<\/p>\n\n\n\n

As a result, Ether's recent decline may be exhausting, as the ETH price has met the Triangle barrier below $4,000, which is also the lower trendline of the Rising Wedge. If the market continues to rise, the price might reach $6,500.<\/p>\n\n\n\n

\"Price
ETH\/USD three-day price chart featuring Ascending Triangle setup. Source: TradingView<\/em><\/figcaption><\/figure>\n\n\n\n

The author's thoughts and opinions are completely his or her own and do not necessarily reflect those of Cointelegraph.com. Every investing and trading decision entails risk, so do your homework before making a decision.<\/p>\n\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

The possibilities of Ether (ETH) going below $4,000 have increased following a selloff on Nov. 16 ETH Fell 10% On Tuesday, ETH fell 10% to about $4,100, owing to a market correction driven by Bitcoin (BTC). Ether fell below its fourth-quarter upward trendline support as a result. Before rising higher, ETH\/USD challenged its 50-day exponential […]<\/p>\n","protected":false},"author":29,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[25],"tags":[5445],"class_list":["post-13820","post","type-post","status-publish","format-standard","hentry","category-market-analysis","tag-eth-market-analysis-ether-price"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/13820","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/29"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=13820"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/13820\/revisions"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=13820"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=13820"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=13820"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}