Ethereum price has not fallen anywhere since February 7th of this year. While this could be a sign of bottoming out, it is forming an alarming chart pattern that suggests a possible crash.
summary
- Ethereum price has formed a bearish flag pattern on the daily chart.
- spot $ETH ETFs have shed millions this month.
- This coin has the potential for a strong bearish breakout in the short term.
Ethereum ($ETH) The price rose for the second consecutive day today, March 10th, and was trading at $2,065. Despite this rally, it remains within the support and resistance levels of $1,843 and $2,143.
The ongoing business consolidation coincides with a decline in demand for exchange-traded funds. SoSoValue data shows these funds have lost assets over the past three consecutive days. They shed $51 million in assets on Monday after losing $83 million and $90 million in the previous two business days.
The Ethereum ETF has lost more than $37 million in assets this month, marking its fifth straight month in the red. As a result, cumulative net inflows decreased from nearly $15 billion to $11.58 billion.
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Ethereum has forked out from Bitcoin, with Bitcoin ETFs adding over $735 million in inflows this month. The Solana ETF increased assets by $21 million, while the Chainlink fund gained $4.8 billion.
On the positive side, Ethereum’s fundamentals remain strong. For example, the supply of stablecoins has surged to over $166 billion, and trading volume in the past 30 days has surged to over $1.1 trillion, according to the data. It is also the market leader in the real-world asset tokenization industry.
Ethereum price technical analysis
$ETH Price list |Source: crypto.news
$ETH Prices may be at risk of significant declines in the short term. The daily chart shows that it has formed a horizontal channel over the past 30 days. This channel was formed after a sharp decline. As a result, a bearish flag pattern was formed, which is a popular continuation pattern.
The coin remains below all moving averages and supertrend indicators. Therefore, the most likely outcome could be where the downtrend resumes, i.e. on the downside at $1,843. A break below that level would indicate further downside and could lead to the psychological level of $1,500.
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