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Ethereum exits

Ethereum exits from the symmetrical triangle. What’s next?

Ethereum exits from the symmetrical triangle to continue its bearish journey. ETH took a nosedive today to reach the $1734 price mark. Let’s discuss where is ETH headed.

Ethereum is trading above the $1850 price mark with more than a 5% loss over the last 24 hours. Today second largest currency took a nosedive and lost more than 5% of its market cap with more than 10% price loss. Millions of dollars have been wiped out from this today’s move in the currency.  Ethereum exits from the symmetrical triangle in the downward direction. Let’s see the technical analysis to predict the next move of a currency.

Ethereum exits from the symmetrical triangle

As discussed in the previous analysis, ETH was moving in a symmetrical triangle. It seems that it has exited from this pattern. The symmetrical triangle is a trend reversal pattern. Clearly, ETH has ended its accumulation period to go bearish.  The correction in the market is staying more than expected but beware that the longer the correction stays, the stronger the bullish move we will see in the coming days.

Ethereum exits

Ethereum has broken its previous support of around $1800 to establish a new one at $1737. There’s a huge possibility that the bearish season will continue for extra one or two weeks but always remember bullish season will come. DYOR.

About mnmansha

MN Mansha is a cryptocurrency expert, trader, and content writer with extensive experience in covering everything related to digital assets — from price analysis to Blockchain disruption. Mansha authored 100+ stories for NewsBSC.com and other fintech media outlets and he's actively writing more every day. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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