The atherium value lives in a bear market, and three risky chart patterns suggest that it may soon experience 20% accident.
The second largest coin in Crypto, Atherium (ETH), retreated by $ 2,670 on Monday, below 35% from its highest level in December.
It was demonstrated as it faced adequate competition in the blockchain industry. Most of this competition is coming from the popular layer -1 network such as Berachain (Bera), Solan (Sol), and BNB Smart Chen (BNB).
Etharium is also losing market share to layer -2 blockchain such as base and arbitrum, which have become popular due to their low cost. For example, the Dex Protocol on Etreum handled the amount of $ 81 billion in the last 30 days, while the base (base) and arbitrum (ARB) processed $ 35 billion and $ 28 billion respectively.
third party data Shows that Etreum ETFs are not as expected as expected. He experienced outflow during the last two market days, which have reached $ 3.15 billion cumulative total. In contrast, Bitcoin ETF has deposited about $ 40 billion in inflow.
The daily trading volume of Ethereum has also been falling, growing up to $ 126 billion, below $ 330 billion from the high level of December. Its revenue has also been falling, growing up to $ 5 million on Sunday, which is less than $ 58 million in November last year.
In addition, the Ethherium’s Futures Open Interest has crashed at the height of 2024. This month has an interest of $ 23.3 billion below the high $ 35 billion.
Ethereum price patterns point to more negative side
The daily chart suggests that the Ethereum value may be at risk of being more negative. It formed a Death cross on 9 February as 50-day and 200-day weighted moving average crossed each other.
The coin has also formed a mounting wedge pattern, which occurs when two ascending convergence trendlines are. It has also formed the pattern of a recession, including a long vertical line and a triangle.
In most cases, these patterns usually take more negative side, with the next level to look at $ 2,166, its lowest level this month. A break below that level will point to a more negative side, possibly up to $ 2,000.
