Ethereum Faces Potential Pullback After Rising Wedge Breakdown and Bearish RSI Divergence
Main Idea
Ethereum's price broke down from a rising wedge pattern at $3,850, signaling potential bearish momentum and a pullback toward the $3,150 support zone, with key technical indicators like RSI divergence and volume surge supporting this outlook.
Key Points
1. Ethereum broke down from a rising wedge pattern that formed since early July, starting near $2,400, indicating weakening bullish momentum.
2. Bearish RSI divergence (price higher highs, RSI lower highs) further confirms the loss of upward strength.
3. The $3,150 level is a critical liquidity zone that could trigger long liquidations and amplify downward momentum if selling pressure persists.
4. Lower support levels to watch include $2,800-$2,233, historically significant consolidation and long-term support areas.
5. Despite the MACD remaining technically bullish, its shrinking histogram bars suggest weakening momentum, warranting caution for traders.
Description
Are You Chasing New Coins? Catch the newest crypto opportunities. Be the first to buy, be the first to win! Click here to discover new altcoins! Ethereum’s recent breakdown
Latest News
- SEC May Be Delaying Bitwise Bitcoin ETF Approval Pending New Listing Standards and Internal Review2025-07-23 05:59:19
- Ethereum Staking Hits $132.5 Billion with 29.5% of Supply Locked Despite Recent Dip2025-07-23 05:58:57
- Smart Money Shifts from Solana to $17.9M 3x Long Ethereum Position on Hyperliquid2025-07-23 05:45:35
- Ethereum ETF Inflows Suggest Potential Outperformance Over Bitcoin Amid Rising Institutional Interest2025-07-23 05:41:07
- DigitalX Increases Bitcoin Holdings Near 500 BTC, Suggesting Continued Accumulation Strategy2025-07-23 05:29:49