ETH Rising Wedge Pattern Points to $1,600 Price Drop

Ethereum's daily price chart has formed a rising wedge pattern, warning of potential price drops in the near future. According to TradingView data, this pattern is confirmed when the price closes below its lower trendline with stronger trading volume and falls by as much as the maximum distance between the lower and upper trendlines.

For Ether, the wedge support appears near $1,830-$1,850, overlapping with its 50-day exponential moving average (EMA) at approximately $1,832. Losing this support could accelerate the sell-off toward $1,600-$1,605, representing a decline of around 15% from current prices.

The relative strength index (RSI) has also slipped below its moving average after approaching 60, suggesting that upside momentum may be cooling. However, it remains above the neutral 50 level.