Understanding the Ascending Wedge Formation
An ascending wedge is a chart pattern that occurs when the price of an asset is constrained between upward-sloping support and resistance lines. This formation typically narrows over time, culminating in a point where the price might either break out upwards or break down. Ethereum’s current price movements reflect this same pattern observed in 2019, when the cryptocurrency experienced a notable price drop below the wedge before a major Federal Reserve rate cut.·
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