Ethereum broke out to the downside of the rising wedge. It's still above the EMA ribbon so it can be a beartrap. But there is a good chance it will get rejected because a rising wedge is a bearish pattern trying to re-enter the wedge what results into a drop in price.
Technical price target if it gets rejected: 3150
Technical price target if it gets rejected: 3150
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I'm not really sure if ETH is in a rising wedge or in a ascending triangle. My first thought was a rising wedge because of declining volume.
Now I'm thinking of a ascending triangle. Volume is still not that high, but there is just not much sell pressure so that is why it is moving up.
Now I'm thinking of a ascending triangle. Volume is still not that high, but there is just not much sell pressure so that is why it is moving up.