The atherium price crashed at a major support level on Monday, leading to a significant rapid chart pattern and increased the risk of below.
Ethereum (Eth) fell at a low of $ 2,146, its lowest level since August last year. This has fallen by about 40% from its December high.
Ethereum value reversals H&S pattern
The weekly chart suggests that the Etharium has created two different patterns in recent months. First, it developed a triple-top formation around the level of $ 4,000, which was struggling to break above the point since March last year.
A triple-top is a sign of a famous recession, which often leads to further damage after the price falls under the neckline. In the case of the Etharium, the neckline was at $ 2,146, the lowest level in August last year.
Ethereum also created an inverse head and shoulder pattern, a popular bullish indicator. This pattern consists of a neckline, two shoulders and one head. In this case, the neckline was at $ 4,000, the right shoulder was at $ 2,830, and the head was at $ 2,145. However, the Etharium has invalled the opposite head and shoulders patterns by going under the left shoulder.
With the triple-top pattern in the game, the atherium may withstand further decline, potentially falling for the next significant support at $ 1,520, its lowest point in October 2023. A strong rapid breakout will be confirmed only when the atheram rallies over triple-top resistance. At $ 4,000.
Ath Network is facing major challenges
The price struggle of the atherium comes to the network with significant challenges. data from Toolminal Data shows that Ethereum is no longer the most profitable blockchain network.
So far this year, Etherium has increased the fees of $ 155 million falling behind the circle, which has earned $ 169 million. Meanwhile, Solana, Tron, Jeeto and Theri have posted in fees of $ 261 million, $ 294 million, $ 303 million and $ 414 million respectively.
The Etharium has also lost its long -held dominance in the decentralized exchange sector. In the last seven days, decentralized exchanges built on the atherium processed about $ 20 billion in transaction – $ 25.7 billion of BNB chain and less than Solna $ 42 billion,
Tron (TRX) has also crossed the atherium in the amount of stabechoin transactions, mainly due to its low transaction fee.
In addition, the spot atherium exchange-traded funds have seen a lukewarm reception on Wall Street, which draws a flow of only $ 2.76 billion since September last year. In contrast, bitcoin funds have achieved more than $ 40 billion.