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After Ethereum saw a massive fall of 8 percent on the 14th of August. Is the recovery at press time enough to indicate that Ethereum has broken away from bears?
Ethereum's 4-hour chart
At press time, Ethereum referred to bullish return in the market
From the analysis, it can be noted that the price of $ 235.83 since 15th July and the valuation continued to hover under it afterward.
A descending channel, indicating a bullish turnover. However, the surge was short-lived and the token mediated back to further devalution.
Predicted outcome?
Ethereum indicated recovery after the slump as the price hiked over 7 percent since the massive drop. However, charts indicated formation of a prominent bearish pennant at press time. The valuation of ETH was progressively squeezed in the triangle pattern which indicated that there was a higher probability that another major bearish breakout was
Source: Trading View
Ethereum's 1-hour chart pictured an uncanny resemblance in the pattern which saw the formation of a similar bearish pennant in the chart. Volume at press time was also incredibly low for ETH, indicating traders were reluctant to enter the ecosystem at the moment.
The indicator of the impending bearish break for ETH was the MACD line, with the signal line.
Conclusion
Ethereum's price had been taken into account in the recent future.
