Jake Wujastyk, Vice President of TrendSpider LLC and famous trader, stated that Ethereum (ETH) may be at a critical turning point.
Experienced name Jake Wujastyk, Ethereum’s in a critical area He indicated his position. by Wujastyk 19 October made on social media on the day in sharingone of Ethereum descending triangle formation While it is highlighted that the base level of the triangle has not yet had a significant support It was emphasized that he worked as
trader, From June 22, 2022 from from VWAP (Volume Weighted Average Price) support to Ethereum price support so far He stated that it was. However, the analyst’s allusion was to the possibility of a serious decline if this support was broken:
Ethereum is trading in a descending triangle pattern with the VWAP from June 22, 2022 acting as hard support over the last 8 months.
Ethereum especially compared to Bitcoin since the beginning of the year bad gave a performance. ETH/BTC parity is currently 2023 It is positioned at the lowest levels of the year.
According to general opinion, the descending triangle formation will cause the price to decline for a while. will experience further decline It is interpreted with expectation. Breaking this pattern can often lead to a further decline in price. On the other hand, it will be important to remember that technical analysis does not always yield definitive results and should be used in conjunction with other indicators and analysis methods.
VWAPIt takes volume into account to calculate the average price of the asset traded over a specific time period. The VWAP value of an investment instrument represents the volume-weighted average of the prices at which this investment instrument traded during the day it was traded.
According to CoinGecko data, in the last 24 hours 4.1% increase showing Ethereum, at the time of writing from $1,616 is being traded. At this point, the VWAP support level pointed out by the analyst is as if it worked once again it seems.