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

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.

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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

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