ETH price up 10% in April, so why is Ethereum Foundation selling?
Ether (ETH) has surged more than 10% in April, reaching as high as $2,430 this month amid renewed market optimism.
ETH/USD daily chart. Source: TradingView
Applying this rule to ETH’s chart brings its downside target to around $1,950, down by over 15%, by June, assuming the breakdown point is the wedge’s apex at approximately $2,580, where the two trend lines converge.
Related: Ethereum whale opens $90M long bets as ETH price chart eyes $3.2K
Conversely, a break above the wedge’s upper trendline may invalidate the bearish outlook. Instead, bulls may target the 200-day exponential moving average (200-day EMA, the blue line) at around $2,630 as their next upside target.
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