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Ascending Triangle Pattern Could Lead to Breakdown
Popular crypto trader Carl Moon has issued a warning for Ethereum (ETH), highlighting a bearish technical setup. According to Carl, Ethereum has been trading within an ascending triangle pattern, which typically indicates a breakout—but in this case, ETH has failed to pierce through the upper resistance zone near $2,700.
🚫 $2,700: A Wall of Rejection
This level has now rejected multiple rallies since early May, each time pushing ETH back and forming lower highs. Carl emphasized that the inability to break out above this resistance could trigger a sharp 14% correction, potentially sending ETH down to $2,200.
> “ETH has a high chance of falling to $2,200 if it fails to break through this ascending resistance,” Carl tweeted.
📉 Growing Bearish Momentum
With each failed attempt to break out, bearish momentum has grown. This is evident in weakening volume and repeated sell-offs near the $2,700 zone. Unless bulls step in with strong buying power, Ethereum may see a short-term breakdown toward support.
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