Source: Tradingview

The fatal pattern that can dump Ethereum over 50%

What's in this article

Besides some bullish moves in the last few days, Ethereum seems to have escaped the $2000 range and now trades above $3000. Unfortunately, a fatal pattern that can dump Ethereum over 50% has formed on the daily chart.

Ethereum price today is $3,138.22 USD with a 24-hour trading volume of $12,214,929,728 USD. Ethereum is up 1.07% in the last 24 hours, with a market cap of $375,339,310,187 USD. It has a circulating supply of 119,602,505 ETH coins. 

Source: Tradingview

Ethereum: Analysis

As seen in the daily chart above, Ethereum has formed a head and shoulder pattern that stretches more than 50%. The pattern has a base at $2300 meaning if the price falls below this support level, it would be confirmation of this pattern – further plummeting the price.

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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