Traders claim ETH forms a new “ominous” top pattern as the second-biggest cryptocurrency was consolidating alongside Bitcoin, but now it is showing signs of weakness as it inches lower. In the latest Ethereum price news today, we take a closer look at the price analysis.
Analysts believe that this could be the result of a recently formed top pattern that comes across as “ominous” to some traders. Others noted that there is one fractal pattern that signals a huge ETH decline which could be imminent in the upcoming days and weeks ahead. Ethereum has struggled to garner more momentum in either direction over the past month as the consolidation came as a result of what was seen by Bitcoin, appearing that the entire crypto market awaits to see what the number one cryptocurrency does next before kicking off more mid-term trends.
In Ethereum’s case, unless buyers propel Bitcoin and the entire crypto market higher, it seems that Ethereum can be prone to seeing more signs of weakness in the near term. This weakness may be seen as Ominous as some traders claim to see forming, as well as one fractal that also suggests a huge decline looming on the horizon. At the time of writing, Ethereum trades down by 1% at a current price of $231 which marks a slight decline from a daily high $234 which caused a huge decline of 0.5% against its BTC trading pair.
The slight weakness came as ETH started hovering above the lower boundary of the long-held trading range of $230. Bitcoin was able to see gains in the strong foothold within the middle of the trading range but ethereum seems to be in jeopardy of breaking below it. One factor to consider is the near-term existence of a bearish fractal. Other analysts also drew a comparison between ETH’s recent price action which was seen in 2018 suggesting an intense downside is coming again.
Another analyst pointed to a top pattern that was seen after looking at Ethereum’s 3-day candle chart as a bad sign that this current consolidation will end quite bearish. He noted that the long-term of the cryptocurrency has bright fundamental outlooks:
“ETH ZOOMED out 3D that top is ominous. Maybe a short term bounce coming but downside seems so favorable. Really believe better entries are coming for some damn good longs for 2.0 and what will be locked up. Just not yet.”
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