Ethereum Shows Bearish Signals Below $3,500 as Adam & Eve Pattern Fails. Can Ethereum hold its support levels at $3,392 or $3,244?
While Bitcoin hovers below the $100,000 mark, Ethereum is showing signs of weakness in its uptrend. Will the largest altcoin in the market face a prolonged decline through 2025?
ETH price analysis
As our previous Ethereum price analysis mentionedThe reversal of the 100-day EMA challenged the $3,500 resistance level. The short-term round bottom reversal that forms the Adam and Eve pattern has now entered a consolidation range.
The neckline of this bullish pattern coincided with the psychological level of $3,500 and the supply zone that extended from $3,520 to $3,568. After multiple price rejections on the 4-hour chart, increasing bearish influence suggests a breakdown in the consolidation range.
Currently, Ethereum is trading at $3,431, down 1.79% in the last 24 hours. Amid the reversal, the 4-hour chart shows a potential death cross, indicating increasing bearish momentum.
Furthermore, a negative crossover between the 100 and 200 EMA lines could be on the horizon. The 4-hour RSI line has also fallen below the midpoint after a sideways move, reflecting an increase in selling pressure.
Genesis-era whale continues to unload ETH
As technical signals turned bearish, an Ethereum ICO whale dumped 4,160 ETH tokens worth about $14.5 million. The whale chose Kraken as a trade; The deposit was made a few hours ago.
Notably, this whale received 20,000 ETH in July 2015, worth $6.2k at the time. After staking the received tokens for…
