Ethereum Price Analysis: ETH/USD rising wedge pattern triggers fresh declines under $150
|- Ethereum ground starts December’s trading with losses targeting $140.
- The rising wedge pattern spells continues to spell doom for Ether.
Ethereum, like the other top cryptocurrencies, is groped in overwhelming selling pressure. The weekend has not turned out as bullish as the community expected. Instead, Ether is trading 2.4% lower on the day.
Prior to the reversal comes after a gradual but steady recovery from the recent low around $132. The uptrend shot for $160 but hit a snag at $158.54 giving to the ongoing lower correction. Ripple is also reacting to the broken rising wedge pattern support.
The price is below the 50 Simple Moving Average on the 4-hour chart currently at $150. The full stochastic oscillator is grinding into the oversold to show that Ethereum bears are gaining traction. The Moving Average Convergence Divergence is retreating from the positive region. It also featuring a bearish cross, cementing the sellers’ presence on the market.
ETH/USD 4-hour chart
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