Ethereum Traders Assess Counterfeit Risks After 40% ETH Price Rise
Ether price could drop 45% as its ascending triangle breakout looks unconvincing so far.
Market analysis
Ethereum's native Ether (ETH) token experienced a slight pullback on July 17 after hitting a confluence of critical technical resistance.
Merger-led Ethereum price breakoutETH price fell 1.8% to $1,328 after struggling to overcome two strong resistance levels: the 50-day exponential moving average (50-day EMA; the red wave) and a descending trendline (black) serving as a price ceiling since May.
ETH/USD daily price chart. Source: TradingViewPreviously, Ether rose over 40% from $1,000 on July 13 to over $1,400 on July 16. The jump came in part because of the euphoria surrounding the "merger" slated for September.
Meanwhile, the appearance of a golden cross on Ethereum's four-hour chart also bolstered Ether's bullish sentiment among technical analysts.
#ETH/USD
We got a bullish cross between 200 and 50 4h moving average
Looking for more benefits locally pic.twitter.com/WnGY19khnK
— Albert III (@AlbertcryptoN) July 15, 2022 The price of ETH is at risk of being fakedEther's over 40% price rise since July 13 also had its price break above a critical horizontal resistance which is something of an "ascending triangle pattern".
Ascending triangles are usually continuation patterns. But in some cases, ascending triangles may also appear at the end of a downtrend, thus leading to a
Ether price could drop 45% as its ascending triangle breakout looks unconvincing so far.
Market analysis
Ethereum's native Ether (ETH) token experienced a slight pullback on July 17 after hitting a confluence of critical technical resistance.
Merger-led Ethereum price breakoutETH price fell 1.8% to $1,328 after struggling to overcome two strong resistance levels: the 50-day exponential moving average (50-day EMA; the red wave) and a descending trendline (black) serving as a price ceiling since May.
ETH/USD daily price chart. Source: TradingViewPreviously, Ether rose over 40% from $1,000 on July 13 to over $1,400 on July 16. The jump came in part because of the euphoria surrounding the "merger" slated for September.
Meanwhile, the appearance of a golden cross on Ethereum's four-hour chart also bolstered Ether's bullish sentiment among technical analysts.
#ETH/USD
We got a bullish cross between 200 and 50 4h moving average
Looking for more benefits locally pic.twitter.com/WnGY19khnK
— Albert III (@AlbertcryptoN) July 15, 2022 The price of ETH is at risk of being fakedEther's over 40% price rise since July 13 also had its price break above a critical horizontal resistance which is something of an "ascending triangle pattern".
Ascending triangles are usually continuation patterns. But in some cases, ascending triangles may also appear at the end of a downtrend, thus leading to a
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