Ethereum trades near $2,900 after a breakdown from a bear flag pattern, with analysts warning of a possible drop to $1,666.
Ethereum trades near $2,900 after a breakdown from a bear flag pattern, with analysts warning of a possible drop to $1,666.Ethereum is trading around $2,900, down 1% over the last 24 hours and more than 10% weekly.
Several days ago, ETH fell below the $3,000 level and recently tested support near $2,700–$2,800. It has yet to recover with strength.Analyst Trader Tardigrade shared a 3-day chart showing a bear flag forming on Ethereum. This pattern is characterized by a sharp drop and is usually followed by further downside. The asset is now breaking below the lower support of the flag.It has 1 day and 19 hours to reclaim above $2,906 to avoid this breakdown,that Ethereum is trading flat near $2,900 after a strong selloff earlier. Open interest is rising, reaching 5.255 million, showing more positions are being opened despite the sideways price.Old degens got liquidated, and now new ones have arrived, ” the post added. The rise in open interest while the price holds steady could mean traders are preparing for the next move.a chart of ETH against Bitcoin. ETH/BTC is holding a support level that has been important before. The price is sitting in a higher timeframe zone, though it is now below the 21-day moving average.Bitcoin to $16 Trillion? ARK Says BTC Could Eat 70% of the Entire Crypto MarketThe current price is an attractive range for Ethereum whales,a steady drop in whale holdings since early January. Ethereum ETFs have also posted losses recently. Price weakness and reduced holdings suggest caution remains across larger accounts.Olivia Stephanie is a FinTech enthusiast with a sharp insight into financial markets. Her deep interest in economics and finance drives her exploration of blockchain innovations and the evolving world of cryptocurrencies.RIVER Surges Another 40% as BTC Recovers From a 5-Week Low: Market Watch
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