Falling wedge pattern points to eventual Ethereum price reversal, but traders expect more pain first

On May 26, the cryptocurrency market saw another round of selling as Bitcoin (BTC), and Ether (ETH), prices dropped to $28,000 each. The ETH/BTC price set fell listed below what traders consider an important ascending trendline. This might result in Ether price correction to new lows, traders think.

ETH/USDT 1-day chart. Source: TradingView

Here are the views of a number of market analysts on the Ethereum cost drop and what this could imply in the future.

A sharp rate move will become the result of price debt consolidation

ETH/USD 1-hour chart. Source: Twitter

Independent market analyst Michael van de Poppe supplied a short introduction of the levels of support or resistance that should be monitored. He posted the following chart, which shows Ether trading at its most affordable point.

Van de Poppe stated,

” The real concern is whether we can bounce back from here and break through the $1,940 mark. I presume well keep $2,050 if it takes place. If that takes place, the marketplaces will be looking at it.

ETH might fall to brand-new lows in a bullish falling wedge

Morgan stated,

” Highly probable that there will be a violent correction or a brand-new uptrend.”

Crypto Tony, a Twitter expert, stated that Ether rate “still trying to find that leg lower to load up on.”

This may appear negative but it is actually a favorable indication according to Jon Morgan, a Cointelegraph contributor. Jon kept in mind that the chart reveals a falling wedge, which is a bullish standard candlestick/bar charts pattern, which this pattern is indicative of a market transferring to extremes that are likely to reverse.

Related: Ethereum rate drops listed below $1.8 K assistance, as bears prepare to end Fridays $1B options

ETH/USDT 4-hour chart. Source: Twitter

Bitcoin supremacy increases

ETH/BTC 1-day chart. Source: Twitter

Caleb Franzen, an economic expert, mentioned that the ETH/BTC pair lost a considerable support. This is noteworthy due to the fact that:

CrediBULL Crypto, a Twitter user, kept in mind that the rate has “began to take some local lows.”.

The total cryptocurrency market is now worth $1.235 trillion, and Bitcoins supremacy rate at 46.2%.

On May 26, the cryptocurrency market saw another round of selling as Bitcoin (BTC), and Ether (ETH), costs dropped to $28,000 each. The ETH/BTC cost set fell listed below what traders consider a crucial ascending trendline. This could lead to Ether rate correction to new lows, traders think.

” Any relief we get here is temporary, until we reach the bottom of this range. We may in fact head lower than the one revealed here, before making a recovery. Nevertheless, I will assess as soon as we reach my target.

The rate of Ether and other altcoins might trend lower as a result of ongoing weakness in the ETH/BTC pairing. However, BTC could remain at its present rate or increase as traders leave underperforming positions to trade for Bitcoin.

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If that occurs, the markets will be looking at it.

” This suggests at least one of the following declarations will be true: $ETH will damage relative to $BTC; $BTC is expected to outshine $ETH; Alts might underperform $BTC.”.

According to the analyst,.

ETH/BTC 3-day chart. Source: Twitter.

We might actually head lower than the one revealed here, prior to making a healing.