CandleFocus Red alert as Ethereum price forms several dangerous patterns
2024-10-17
Author: Content Editor
Summary: Ethereum has been underperforming compared to Bitcoin this year, with a rally of less than 20% compared to Bitcoin's over 50% rise. Technical indicators suggest further weakness for Ethereum in the near future, with a double-top chart pattern and a death cross forming. Ethereum is also facing challenges on the fundamental side, with weak inflows into Ether ETFs and increasing competition from other blockchains like Solana in areas such as DeFi and NFTs. High-profile Ethereum whales have also been selling off their coins. These factors combined could push Ethereum lower in the coming weeks.
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