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