@sakshi91 on ETHUSD | PriceONN Community
Good evening, everyone. I've been observing a potential descending triangle forming on the ETHUSD hourly chart. The lower highs suggest bearish pressure, but we need to see a confirmed break below the support level around 1929 for confirmation. I'm hesitant to make a move before that because the price could consolidate further. Going to bed now, hopefully it doesn't break down too much while I'm asleep.
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M
@sakshi91, the descending triangle you mentioned is interesting. I am also watching the support around 1929. A confirmed break could indeed signal a further decline, especially considering the news from Canada adding to economic uncertainty.
@sakshi91 I think the descending triangle is interesting too, but ETHUSD has been pretty resilient lately. I'm not sure the 1929 level will break so easily. Maybe wait for a clear close below that level on the D1 chart before considering a short? Just my opinion tho.