Ethereum (ETH) is trading down this Sunday (29). However, technical analysis patterns show that a new jump could occur soon.

ETH is down slightly by 0.8% on the day, trading at $2,650 at the close of the article. Check out the most likely scenarios for future price movements below.

Ethereum at a turning point

Ethereum continues to trade within a bearish wedge. The asset has concentrated its price movement within this pattern for much of its time since September 6.

Its last high was near $2,700. While this was the highest price ETH has reached since August 26, buyers were unable to push the price to a retest of the wedge resistance line.

As a result, the asset now runs the risk of falling below the pattern's support line at $2,600.

Ethereum (ETH) chart on TradingView

However, the Fibonacci retracement of the last upward move suggests that a new bounce could occur soon. As shown in the image below, ETH appears to have found support at the 0.5 retracement level at $2,640.

Ethereum (ETH) chart on TradingView

Read more: Ethereum ETFs – Understand what they are and how they work

As long as the asset does not form candles below the 0.618 retracement level at $2,620, the most likely scenario is a new jump above the last high at $2,700. With that, the cryptocurrency may seek a new test of the resistance line of the rising wedge, currently at $2,750.

The article Ethereum (ETH) Forecast: How the Price Could Behave Today? was first seen on BeInCrypto Brazil.