{"id":555351,"date":"2023-10-13T15:30:30","date_gmt":"2023-10-13T15:30:30","guid":{"rendered":"https:\/\/uniquehot.com\/?p=555351"},"modified":"2023-10-13T14:56:05","modified_gmt":"2023-10-13T14:56:05","slug":"failed-bullish-ethereum-sub-1000","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/ethereum\/failed-bullish-ethereum-sub-1000\/","title":{"rendered":"Failed Bullish Pattern Could Send Ethereum Sub-$1000"},"content":{"rendered":"

Ethereum price is trading at roughly $1,550 after failing to get back above $2,000 throughout the entirety of 2023 thus far. Increasingly higher lows during the year and a horizontal resistance zone had formed an ascending triangle<\/a> \u2013 a potentially bullish chart pattern.<\/p>\n

This pattern, however, is possibly failing. A busted pattern target could send the price per ETH sub-$1,000.<\/p>\n

\"ETHUSD_2023-10-13_08-43-47\"<\/p>\n

Is the bullish chart pattern breaking down? | ETHUSD on TradingView.com<\/a><\/pre>\n
Ethereum Ascending Triangle Begins Breakdown: Target $700<\/h2>\n
Ethereum put in its bear market low back in June of 2022 while Bitcoin and other coins kept falling through the end of the year. Despite the early lead in a bear market recovery, ETH has underperformed against BTC in 2023. Now it is at risk of falling to a new low with a target of deep below $1,000 if a presumed bullish pattern breaks down instead of up.<\/p>\n
Related Reading: Ethereum News Catalyst Could Trigger Triangle Breakout To $4,000<\/a><\/div>\n
ETHUSD has been trading in what appears to be a textbook ascending triangle<\/a> pattern since its 2022 local low. A series of increasingly higher highs has created an upward slowing trend line. A horizontal resistance zone across $2,000 has kept price action at bay. Volume has been trending downward throughout the course of the pattern. Price is at roughly two-thirds to the triangle apex.<\/p>\n
Ether even had positive news at its back: the launch of the first Ethereum Futures ETFs<\/a>. Yet it has failed to produce any meaningful upside, and is now trying to move back down causing the bullish pattern to bust. If the pattern does break downward, it would have a target of around $700 per ETH based on the measure rule.<\/p>\n
\"ETHUSD_2023-10-13_08-47-50\"<\/p>\n
Or is the a bearish barrier triangle anyway? | ETHUSD on TradingView.com<\/a><\/pre>\n
Elliott Wave Explained: Golden Fibonacci Extension Targets $300 ETH<\/h2>\n
Although the ascending triangle is considered a bullish chart pattern, it only has a roughly 63% probability of breaking out, per the Encyclopedia of Chart Patterns by Thomas Bulkowski<\/a>. The remaining 37% of the time break down. But technical analysis is a broad study. An ascending triangle to one trader, could be barrier triangle to another.<\/p>\n
A barrier triangle is simply an ascending or descending triangle as defined by Elliott Wave Principle. In Elliott Wave Principle, triangles are especially telling. They only appear before the final move in a sequence. Because Elliott Wave labels waves with the trend as 1 through 5, triangles are corrective and appear only in the wave 4 place \u2013 just prior to wave 5 which ends the sequence.<\/p>\n
Related Reading: Doom Signal Warns Of 50% Crypto Collapse<\/a><\/div>\n
In a bear market, corrective structures are labeled ABC. Triangles themselves can appear during a B wave, which once again, is ahead of the final move in the ABC count. C wave targets are often found by projecting the 1.618 Fibonacci ratio from the A wave. This makes the target of the busted pattern somewhere around $300 per ETH. Between the measure rule and the Fibonacci extension target, Ethereum could be facing sub-$1,000 prices in the future.<\/p>\n
\"ETHUSD_2023-10-13_08-50-42\"<\/p>\n
Could Ether fall sub-$1000? | ETHUSD on TradingView.com<\/a><\/pre>\n
Tony is the author of the CoinChartist (VIP) newsletter<\/a>. Sign up for free<\/a>. Follow @TonyTheBullBTC<\/a> & @coinchartist_io<\/a> on Twitter. Or join\u00a0the TonyTradesBTC Telegram<\/a> for daily market insights and technical analysis education. Please note: Content is educational and should not be considered investment advice. Featured image from Shutterstock, Charts from TradingView.com<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"
Ethereum price is trading at roughly $1,550 after failing to get back above $2,000 throughout the entirety of 2023 thus far. Increasingly higher lows during the year and a horizontal resistance zone had formed an ascending triangle \u2013 a potentially bullish chart pattern. This pattern, however, is possibly failing. A busted pattern target could send the price per ETH sub-$1,000. Is the bullish chart pattern breaking down? | ETHUSD on TradingView.com Ethereum Ascending Triangle Begins Breakdown: Target $700 Ethereum put in its bear market low back in June of 2022 while Bitcoin and other coins kept falling through the end of the year. Despite the early lead in a bear market recovery, ETH has underperformed against BTC in 2023. Now it is at risk of falling to a new low with a target of deep below $1,000 if a presumed bullish pattern breaks down instead of up. Related Reading: Ethereum News Catalyst Could Trigger Triangle Breakout To $4,000 ETHUSD has been trading in what appears to be a textbook ascending triangle pattern since its 2022 local low. A series of increasingly higher highs has created an upward slowing trend line. A horizontal resistance zone across $2,000 has kept price action at bay. Volume has been trending downward throughout the course of the pattern. Price is at roughly two-thirds to the triangle apex. Ether even had positive news at its back: the launch of the first Ethereum Futures ETFs. Yet it has failed to produce any meaningful upside, and is now trying to move back down causing the bullish pattern to bust. If the pattern does break downward, it would have a target of around $700 per ETH based on the measure rule. Or is the a bearish barrier triangle anyway? | ETHUSD on TradingView.com Elliott Wave Explained: Golden Fibonacci Extension Targets $300 ETH Although the ascending triangle is considered a bullish chart pattern, it only has a roughly 63% probability of breaking out, per the Encyclopedia of Chart Patterns by Thomas Bulkowski. The remaining 37% of the time break down. But technical analysis is a broad study. An ascending triangle to one trader, could be barrier triangle to another. A barrier triangle is simply an ascending or descending triangle as defined by Elliott Wave Principle. In Elliott Wave Principle, triangles are especially telling. They only appear before the final move in a sequence. Because Elliott Wave labels waves with the trend as 1 through 5, triangles are corrective and appear only in the wave 4 place \u2013 just prior to wave 5 which ends the sequence. Related Reading: Doom Signal Warns Of 50% Crypto Collapse In a bear market, corrective structures are labeled ABC. Triangles themselves can appear during a B wave, which once again, is ahead of the final move in the ABC count. C wave targets are often found by projecting the 1.618 Fibonacci ratio from the A wave. This makes the target of the busted pattern somewhere around $300 per ETH. Between the measure rule and the Fibonacci extension target, Ethereum could be facing sub-$1,000 prices in the future. Could Ether fall sub-$1000? | ETHUSD on TradingView.com Tony is the author of the CoinChartist (VIP) newsletter. Sign up for free. Follow @TonyTheBullBTC & @coinchartist_io on Twitter. Or join\u00a0the TonyTradesBTC Telegram for daily market insights and technical analysis education. Please note: Content is educational and should not be considered investment advice. Featured image from Shutterstock, Charts from TradingView.com<\/p>\n","protected":false},"author":517,"featured_media":555365,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[13625],"tags":[8323,65296,4854,1946,8686,78803],"class_list":["post-555351","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum","tag-eth","tag-ethbtc","tag-ether","tag-ethereum","tag-ethusd","tag-ethusdt"],"acf":[],"yoast_head":"\nFailed Bullish Pattern Could Send Ethereum Sub-$1000<\/title>\n<meta name=\"description\" content=\"Ethereum price is trading at roughly $1,550 after failing to get back above $2,000 throughout the entirety of 2023 thus far. 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The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions. In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony\u2019s expertise to guide their trading strategies. Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies. Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders. His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics. Tony\u2019s nickname, \"The Bull,\" aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice. In summary, Tony \"The Bull\" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.","sameAs":["https:\/\/coinchartist.io\/","https:\/\/www.instagram.com\/coinchartist_io\/","https:\/\/x.com\/https:\/\/twitter.com\/tonythebullBTC","https:\/\/www.youtube.com\/@coinchartist_io"],"url":"https:\/\/uniquehot.com\/author\/tonymspilotro\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Failed Bullish Pattern Could Send Ethereum Sub-$1000","url":"http:\/\/uniquehot.com\/news\/ethereum\/failed-bullish-ethereum-sub-1000\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/ethereum\/failed-bullish-ethereum-sub-1000\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/10\/shutterstock_1822493420.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/10\/shutterstock_1822493420.jpg?fit=5106%2C2876"},"articleSection":"Ethereum","author":[{"@type":"Person","name":"Tony \"El Toro\" Severino"}],"creator":["Tony \"El Toro\" Severino"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["eth","ethbtc","ether","ethereum","ethusd","ethusdt"],"dateCreated":"2023-10-13T15:30:30Z","datePublished":"2023-10-13T15:30:30Z","dateModified":"2023-10-13T15:30:30Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Failed Bullish Pattern Could Send Ethereum Sub-$1000\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/ethereum\\\/failed-bullish-ethereum-sub-1000\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/ethereum\\\/failed-bullish-ethereum-sub-1000\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/10\\\/shutterstock_1822493420.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/10\\\/shutterstock_1822493420.jpg?fit=5106%2C2876\"},\"articleSection\":\"Ethereum\",\"author\":[{\"@type\":\"Person\",\"name\":\"Tony \\\"El Toro\\\" Severino\"}],\"creator\":[\"Tony \\\"El Toro\\\" Severino\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"eth\",\"ethbtc\",\"ether\",\"ethereum\",\"ethusd\",\"ethusdt\"],\"dateCreated\":\"2023-10-13T15:30:30Z\",\"datePublished\":\"2023-10-13T15:30:30Z\",\"dateModified\":\"2023-10-13T15:30:30Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/10\/shutterstock_1822493420.jpg?fit=5106%2C2876","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/555351"}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/517"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=555351"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/555351\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/555365"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=555351"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=555351"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=555351"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}