Ethereum in Symmetrical Triangle – Next Big Move Coming?

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Let’s take a look at Ethereum(ETHUSDT) on the 4-hour timeframe. Recently, Ethereum dropped by over -20% during the latest crypto market sell-off but has since started to recover. Right now, it appears to be in a corrective pattern, moving inside a Symmetrical Triangle Pattern.

Currently, Ethereum is testing a Heavy Support zone($4,107-$3,860), and a break below that zone, confirmed by breaking the lower lines of the symmetrical triangle, could signal further downside.

Note: In general, a Symmetrical Triangle is a continuation pattern, and since the prior trend was downward, we might expect more downside if the broader crypto market continues to decline.

Before concluding, let’s also glance at the ETHBTC(ETHBTC) pair on the daily timeframe. It looks like ETHBTC has been in a downtrend and might revisit its support zone once more. That suggests if Bitcoin declines, Ethereum could see even more pressure.

In conclusion, I expect Ethereum to drop at least to its Support lines and Support zone($3,532-$3,436) after breaking the lower lines of the symmetrical triangle. There's also a CME Gap($3,461-$3,417) that might get filled.

Note: Keep in mind that weekend trading volumes are often lower, so the breakdown might not happen immediately. However, if tensions between the US and Venezuela escalate, we could see a sharper reaction even over the weekend.

First Target: $3,764

Second Target: $3,597

Stop Loss(SL): $4,044

Cumulative Short Liquidation Leverage: $4,182-$4,114

Cumulative Long Liquidation Leverage: $3,697-$3,3654

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Ethereum Analyze (ETHUSDT), 4-hour time frame.

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