Ethereum comes crashing down

ETHUSDT

On June 5, Ether briefly dipped below the resistance line of the falling wedge pattern, but the bears were unable to capitalize on the downside momentum, indicating demand at lower levels. On June 6, the bulls pushed the price back above the moving averages, but encountered strong selling pressure from the bears. The sellers will once again attempt to bring the price into the wedge, and if successful, the ETH/USDT pair could extend the decline to the support line of the wedge.

Conversely, if the price rebounds from the resistance line of the wedge, it would suggest that the bulls have turned the line into support. To initiate a northward march towards $2,000 and subsequently $2,200, buyers will need to drive the price above the $1,928 level.