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Ethereum Bearish Signal Goes Off As 100k ETH Flows Into Binance

Ethereum Bearish Signal Goes Off As 100k ETH Flows Into Binance


NewsBTC
2021-09-08 12:54:46
Ethereum Bearish Signal Goes Off As 100k ETH Flows Into Binance

Today’s Ethereum price chart may suggest the formation of a bearish pattern called the “double top”. 100k ETH also flowed into Binance. Ethereum Price Chart Shows Famous “Double Top” Bearish Formation As explained by a CryptoQuant post, the cryptocurrency formed a bearish pattern on the price chart earlier today, and at about the same time, Binance also noticed a netflow of around 100k ETH. Here is a Ethereum chart that clearly shows the bearish pattern: ETH's price chart showed a bearish formation earlier today | Source: CryptoQuant As the above chart shows, Ethereum seems to have formed what’s popularly known as the “double top” pattern. Historically, formation of such peaks has been a bearish signal. However, a double top can’t be confirmed until the price drops below the support level marked by the dip between the two peaks. Related Reading | Flash Crash, Ethereum Tests Support With 17% Drop And Risks Further Losses The above chart was actually posted by the analyst a few hours ago. A more recent version of the chart looks something like this: ETH's price continues to show volatility | Source: ETHUSD on TradingView It looks like right after forming the two peaks, the price seems to have crashed down to $3.2k, which is below the 3.3k support level. In most cases, such a dip confirms that the formation is a bearish double top. However, here the price seems ...

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