CandleFocus Red alert as Ethereum price invalidates key bullish pattern
2025-02-03
Author: Content Editor
The price of Ethereum (ETH) has dropped to a key support level, indicating a potential further downside. It has experienced a significant decline of around 40% from its peak in December. Ethereum formed a triple-top pattern and an inverse head and shoulders pattern, but the invalidation of the latter suggests bearish momentum. If Ethereum fails to rally above the triple-top resistance at $4,000, it could face more declines and potentially drop to the next support level at $1,520. Additionally, Ethereum is facing challenges as it no longer holds the title for the most profitable blockchain network and has lost its dominance in the decentralized exchange sector and stablecoin transaction volume. Moreover, Ethereum exchange-traded funds have not received much attention on Wall Street compared to Bitcoin funds.
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