• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Sensei Inu Logo Sensei Inu Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
      • Casino utan svensk licens
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
  • Best crypto casino
Breaking News: Breaking: Bitcoin Repayment Plan Gets New Deadline From Mt. Gox Trustee
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
      • Casino utan svensk licens
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
  • Best crypto casino
Bitcoinist.com
No Result
View All Result
Breaking News: Breaking: Bitcoin Repayment Plan Gets New Deadline From Mt. Gox Trustee

Traders Believe Ethereum has Formed an “Ominous” Top Pattern; What Comes Next

Cole Petersen by Cole Petersen
3 years ago
in Altcoins
0
  • Ethereum has been consolidating alongside Bitcoin, but the cryptocurrency has been flashing some signs of weakness as it inches lower
  • Today it has declined against both its USD and BTC trading pairs
  • Analysts believe this may be the result of a recently formed top pattern that comes across as “ominous” to some analysts
  • Other traders are noting that there is one fractal pattern that signals a massive ETH decline could be imminent in the days and weeks ahead

Ethereum has struggled to garner any notable momentum in either direction throughout the past month.

This consolidation has largely come about as a result of that seen by Bitcoin, and it does appear that the entire crypto market is patiently waiting to see what the benchmark crypto does next before kicking off any mid-term trends.

In the case of Ethereum, unless buyers propel Bitcoin and the entire market higher, it does appear to be prone to seeing some intense signs of weakness in the near-term.

This weakness may be rooted in an “ominous” top formation that it recently posted, as well as one fractal that suggests a massive decline is looming on the horizon.

Ethereum Declines Against USD and BTC Trading Pairs as Weakness Mounts 

At the time of writing, Ethereum is trading down over 1% at its current price of $231. This marks only a slight decline from its daily highs of $234, but this drop has also caused it to decline by 0.5% against its Bitcoin trading pair.

This slight weakness comes as ETH hovers just above the lower boundary of its long-held trading range at $230.

Although Bitcoin has been able to gain a strong foothold within the middle of its trading range, ETH appears to be in jeopardy of breaking below it.

One factor to consider in the near-term is the existence of an extremely bearish fractal.

Bitcoinist reported about this pattern yesterday, with one analyst drawing a comparison between ETH’s recent price action and that seen in early-2018 – suggesting intense downside is just around the corner.

Image Courtesy of il Capo Of Crypto. Charts via TradingView

This “Ominous” Top Pattern Could Mean Major Downside is Imminent

Another analyst recently pointed to a top pattern seen while looking towards Ethereum’s 3-day candle chart as a grim sign that this current consolidation will end in bear’s favor.

He notes that although the crypto’s long-term and fundamental outlooks remain bright, it’s in a precarious near-term position.

“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,” he explained.

Ethereum
Image Courtesy of Pentoshi. Charts via TradingView
Featured image from Shutterstock.

Charts from TradingView.
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.

Cole Petersen

Cole Petersen

Cole is a cryptocurrency analyst based in Los Angeles. He studied at the University of California Irvine and has been interested in Bitcoin and the crypto markets since 2013.

Related Posts

Terra Classic USTC

Resurrecting The Dead: Can This Terra Classic Proposal Send USTC To $1?

7 hours ago
Altcoins

Altcoins In Turmoil: Top Analyst Predicts Challenges Ahead

4 days ago
Pro-XRP lawyer

Pro-XRP Lawyer Drops Bombshell Announcement About Ethereum

4 days ago
XRP Ripple price

XRP Price Down 46% Since July 2023 But Liquidity Up 50%, What This Means For The Token

1 week ago
Altcoins

Crypto Analyst Reveals The Best Time To Buy Altcoins

2 weeks ago
Arbitrum ARB

Massive Whale Selling Pushes ARB Price To All-Time Low, Primed For Reversal?

2 weeks ago
Please login to join discussion

Premium Partners

Premium Casino Partners

Play Finance

Top Casinos

Trust Dice
Trust Dice
Punt Casino
Punt Casino
mBit
mBit

Press Releases

  • While Litecoin (LTC) and Aave (AAVE) try to break key...

    16 hours ago
  • Bitcoin (BTC) and Compound (COMP) At the Market Crossroads...

    16 hours ago
  • Next 10x Crypto Gems: 6 Coins Under $0.50 To Buy Now

    17 hours ago
  • TokenCoin — Guide to Earning Passive Income through...

    17 hours ago
  • Pepe Coin Price Continues To Decline, Kangamoon and Shiba...

    20 hours ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
© 2023 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
      • Casino utan svensk licens
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
  • Best crypto casino

© 2023 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.