{"id":635155,"date":"2024-08-13T12:30:22","date_gmt":"2024-08-13T12:30:22","guid":{"rendered":"https:\/\/uniquehot.com\/?p=635155"},"modified":"2024-08-13T11:07:32","modified_gmt":"2024-08-13T11:07:32","slug":"ethereum-nears-key-bearish-triangle-apex-breakdown-to-2160-target-looms","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/ethereum\/ethereum-nears-key-bearish-triangle-apex-breakdown-to-2160-target-looms\/","title":{"rendered":"Ethereum Nears Key Bearish Triangle Apex: Breakdown To $2,160 Target Looms"},"content":{"rendered":"
Recent trading activities reveal that <\/span>Ethereum<\/span><\/a> is approaching a crucial point in its trading as it forms a bearish triangle pattern, signaling a potential significant breakout<\/a>. If the cryptocurrency breaks below the lower boundary of this triangle, it could lead to a sharp decline towards the $2,160 target.\u00a0<\/span><\/p>\n This article aims to provide readers with a detailed technical analysis of Ethereum’s price action, emphasizing the importance of the bearish triangle pattern that has emerged on the charts. It will also explore how this pattern indicates a potential downward move toward the $2,160 support level.<\/span><\/p>\n In the past 24 hours, Ethereum has gone up by 2.11%, reaching around $2,642, with a market capitalization of over $317 billion and a trading volume exceeding $21 billion at the time of writing. ETH’s <\/span>market<\/span><\/a> cap has increased by 2.32%, while its trading volume has surged by 33.62%<\/span><\/p>\n On the 4-hour chart, ETH’s price is currently trading below the 100-day Simple Moving Average (SMA) and is moving closer to the lower boundary of a bearish triangle, with several bearish candlesticks forming. This indicates a prevailing bearish sentiment in the market and suggests the potential for further price declines.<\/span><\/p>\nAnalyzing Current Price Actions Within The Bearish Triangle<\/strong><\/h2>\n