ETH/USD short bearish bias delays long term wedge pattern breakout

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  • Ethereum is settling in a sideways below $150 and above $140.
  • The long term falling wedge pattern suggests that Ethereum breakout will scale the levels above $160.

Ethereum, like the other top cryptocurrencies is trading slightly higher from its opening value on Tuesday. Recovery has not been easy especially with the drab price action across the last weekend session. For now, Ethereum is trading at $149 amid increasing volatility levels across the market.

Looking at the daily chart, Ethereum has a short-term bearish bias especially if the rising wedge pattern break down occurs. The short term recovery from the recent low failed to break above $160. The retracement that followed explored levels beneath $150 but held ground above a short term rising trendline.

Taking a broader look at Ethereum using the daily chart, a falling wedge pattern hints a breakout in the near future. The breakout could be the boost Ethereum needs to break barriers towards $200. Meanwhile, the full stochastic oscillator is horizontal at 40 and indicates a possible sideways action in the coming session.

ETH/USD daily chart

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