Ethereum tüccarları, %40 ETH fiyat rallisinden sonra sahte riskleri ölçüyor

Ethereum'un yerel belirteci Ether (ETH) saw a modest pullback on July 17 after ramming into a critical technical resistance confluence.

Merge-led Ethereum price breakout

ETH’s price dropped by 1.8% to $1,328 after struggling to move above two strong resistance levels: the 50-day exponential moving average (5-day EMA; the red wave) and a descending trendline (black) serving as a price ceiling since May.

Previously, Ether rallied by over 40% from $1,000 on July 13 to over $1,400 on July 16. The jump appeared partly due to euphoria surrounding “the Merge” slated for September.

Meanwhile, a golden cross’s appearance on Ethereum’s four-hour chart also boosted Ether’s upside sentiment among technical analysts.

#ETH/AMERİKAN DOLARI

We got a bullish cross between 200 & 50 moving averages on 4h

Looking for more upside locally pic.twitter.com/WnGY19khnK

— Albert III (@AlbertcryptoN) Temmuz 15, 2022

ETH price risks fakeout

Ether’s 40%-plus price rally since July 13 also had its price break above a critical horizontal resistance that somewhat constitutes an “yükselen üçgen desen".

Ascending triangles are typically continuation patterns. But in some cases, ascending triangles can also appear at the end of a downtrend, thus leading to a yükseliş dönüşü. 

Scott Melker, an independent market analyst, considered ETH’s bullish exit out of its prevailing ascending triangle pattern as a sign that it would rally further. He şuraya: 

"1,284 doların üzerinde bir kırılma, fiyatların uçmasına neden olacaktır çünkü 1,700 dolara kadar neredeyse hiç direnç yok."

Ether has already broken above $1,284 and is in a breakout zone. Nonetheless, its close above the ascending triangle’s upper trendline has not accompanied a rise in trading volumes. That suggests a weakening upside momentum, i.e., a fakeout.

Therefore, ETH’s price risks a reversal toward the triangle’s upper trendline near $1,284 as support. The ETH/USD pair could retain its bullish bias if it rebounds from $1,284 with convincing volumes and breaks above the resistance confluence as discussed above. 

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Conversely, a break below $1,284 would risk re-activating the ascending triangle setup with a bias skewed toward bears. As a result, ETH would risk crashing to $750, according to a rule of technical analysis as illustrated below.

That means a 45% decline from current price levels. 

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