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The price of Ethereum has increased now after making a new high monthly on Tuesday. This increase had arrived as a relief so necessary for the cryptocurrency market, which had seen the price of ETH fought while Bitcoin prusted. However, the bullish breakout did not last long because bears have still taken control and sellers are dominating. Given this recent trend, it is possible that the price of Ethereum has seen the drop in the price.
Lower ethhereums have a worrying trend
The cryptographic analyst Gianni Pickichero explained what could happen with the price of Ethereum and why the current trend could be worrying. This passes through the different processes and how it has moved since the beginning of the week, starting from Monday’s upward increase in the bearish revocation that caught the market.
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Gianni explained that the opening interval for the week had established the current monthly maximum before breaking. This showed an entry of great actors on the market as the Ethereum price was quickly pushed to touch the sign of $ 2,700 for the first time in over a month. This had given a bullish tone for the week, following the next day while on Tuesday he also showed the recovery force,
The next day, Tuesday, Ethereum’s price returned once again and hit a higher maximum on Monday, suggesting that a continuation was at stake. The day also closed in the green while the Eth bulls remained dominant during the day of negotiation.
By Wednesday there had been a turning point in the market, while the previous days were dominated by upright events, the consolidation was on the agenda. This reported the price of Ethereum within the opening range of the maximum of the week and then marked the first red closure of the week.
This first red closure, explains Gianni, was a bearish signal. Initially it did not report that Ethereum’s price would continue to crash. However, he showed that the rise that started on Monday could finally be finished. So, by Thursday, it was already a full -blown inversion since the market tested the minimums of the previous day. Thursday’s red closure was equally bearish as the market has transformed waiting for bearish news.
Related reading: does the price of bitcoin become bullish or bearish? The cryptographic analyst reveals critical levels to watch
The formation of lower minimums in both days was worrying and the analyst underlined in the graphic designer that there could be a possible distribution of the price. In this case, the price of Ethereum could again crash below $ 2,400, erasing a considerable amount of earnings accumulated in recent weeks.
While taking place, Gianni suggests that there would be no crazy, but this attention should be looking for opportunities to sell high in the current market. “I will look for any high sale opportunities after the news, strengthened with a bearish price action, such as triples top, double top and any type of inversion in the most recent highs,” he said.
First floor image from Dall.e, tradingView.com graphic