Ethereum to lose another 11%

What's in this article

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. 

Source: Tradingview

Ethereum: Analysis

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. 

About mnmansha

MN Mansha is a cryptocurrency expert, trader, and content writer with extensive experience in covering everything related to digital assets — from price analysis to Blockchain disruption. Mansha authored 100+ stories for NewsBSC.com and other fintech media outlets and he's actively writing more every day. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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