CandleFocus Ethereum Price at Risk? Bearish Chart Patterns Warning
2024-11-22
Author: Content Editor
The article states that Ethereum (ETH) is showing bearish signs and is likely to experience a price decline. The reasons for this include its underperformance compared to other cryptocurrencies like Bitcoin (BTC) and Solana (SOL), recent sell-offs by whales, and its current price action formation. A large whale recently sold a significant amount of ETH, creating potential selling pressure on the asset. Technical analysis suggests a bearish double-top pattern and bearish divergence on the charts, indicating a possible price decline. If ETH closes below the $3,250 level, it could drop by 8% to the $3,010 level. On-chain metrics also support a bearish outlook, with a strong bearish sentiment among traders and a decline in open interest. However, the bearish outlook would be invalidated if ETH breaches the $3,400 level. Currently, ETH is trading around $3,315, with a 2.1% price decline in the past 24 hours and decreased trading volume.
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