Ethereum (ETH), the second-largest cryptocurrency, shows signs of a potential price drop after forming a bearish pattern on charts. This trend is not isolated to ETH but also affects major cryptocurrencies like Bitcoin, XRP, and Solana. While technical indicators hint at a possible rebound, traders remain cautious, and on-chain data suggests a strong bearish sentiment. Despite this, long-term holders and whales appear to be accumulating ETH, potentially leading to future buying pressure.
, the second-largest cryptocurrency by market cap, seemed to be showing signs of a potential price decline after forming a bearish pattern on the charts, at press time.Worth noting, however, that parts of his bearish trend are not only evident in ETH , but also across major cryptocurrencies such as Bitcoin , XRP, and Solana .
Since December 2024, ETH has been on a downtrend and has broken down and successfully retested its breakdown level – Supporting the bearish sentiment.Based on its recent price action and historical momentum, if this sentiment remains unchanged, there is a strong possibility that ETH could drop by 10% to hit the $2,850-level in the future. However, technical indicators still alluded to the possibility of a price rebound.
On the daily timeframe, for instance, ETH’s Relative Strength Index was near the oversold area – Hinting at a potential recovery. This, while the 200 Exponential Moving Average indicated that the asset was on an uptrend.Despite the bullish outlook of these indicators, however, traders remain hesitant to take long positions, as reported by the on-chain analytics firm CoinGlass. At press time, ETH’s long/short ratio stood at 0.94, indicating strong bearish sentiment among traders.
increased by 4.5% in the last 24 hours. These metrics indicated that intraday traders are bearish, which could lead to a potential price drop in the coming days.In addition to traders, long-term holders and whales appear to be accumulating ETH too, as revealed by CoinGlass’s spot inflow/outflow metric.
ETH Cryptocurrency Bearish Pattern Price Decline Technical Indicators Trader Sentiment Long-Term Holders Accumulation
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