Is There More Pain Ahead for Ethereum (ETH) Holders? Key On-Chain Metrics To Watch Out

  • The rising wedge on ETH price technical charts can break downwards leading to further price correction.
  • Based on historical trends, Ethereum could be heading for a deeper correction ahead.

The world’s second-largest crypto Ethereum (ETH) is down nearly 10% in the last 24-hours moving closer to its crucial support of $2000 levels. The broader market correction on Thursday, July 8, has resulted in a severe bloodbath in the altcoin space.

The ETH price bounced more than 20% from its $1750 lows in June end. Two days back before the recent correction, the ETH price made a momentary spike above $2400 levels. A bearish signal on the technical charts is that the ETH price is forming a rising wedge. With the overall trend staying bearish, the ETH price will break down the rising wedge and move towards $1750 levels.

Courtesy: Santiment

Interestingly, the recent chart pattern and the rising wedge have striking similarities with the 2017.18 ETH price movement. Thus, the bearish