ETH Plunges 13.40%, Then Whipsaws: $330M in Liquidations

Ethereum’s falling wedge pattern suggests a bullish breakout if resistance breaks.
ETH’s RSI nears oversold levels, but bearish MACD signals continued weakness.
Liquidation spikes above $330M highlight the risks of leveraged ETH trading.

Ethereum (ETH) is giving investors a serious case of whiplash. After a 13.40% drop in the past week, and with the trading volume in the last 24 hours standing at $17.64 billion, the market is clearly on edge.

Analysts are watching price patterns, technical indicators, and liquidation trends to figure out Ethereum’s next potential move. By the way, ETH trades at $1,893.17 as of press time.

Mixed Signals: Falling Wedge vs. Bearish Outlook

According to Daan Crypto Trades, Ethereum has been consolidating following a substantial market downturn. He points to a falling wedge pattern as a possible sign of a trend reversal.

This technical structure is typically considered bullish, suggesting that if ETH can break above the resistance zone, a price recovery could be imminent. For this to happen, ETH must break and hold above a key resistance zone before even thinking about a move towards the $2,000+ region.

$ETH H…

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