Ethereum has lost more than 10% since January 13’s peak of $3413, diving down to today’s $3000. Meanwhile, Ethereum is developing another bearish pattern.
Ethereum price today is $3,123.64 USD with a 24-hour trading volume of $14,040,471,530 USD. Ethereum is down 0.30% in the last 24 hour, with a market cap of $372,415,634,242 USD. It has a circulating supply of 119,224,878 ETH coins.
Inverted Cup and Handle is a variation of the Cup and Handle pattern which is formed at the top of an uptrend. An inverted cup and handle pattern, as shown in the chart above, is a good signal to predict a bearish movement. This pattern is formed on the hourly chart and in case of a breakout, Ethereum might nose dive up to 11% to $2700, fib 1.414. This could be the next support level. Likewise, Eth resistance is at $3170, fib 0.5.