- ETH price is down by 2.06% over the past 24 hours.
- A bearish chart pattern is forming on the 4 hour ETH chart.
- The altcoin price may drop over the coming days.
The price of Ethereum has fallen over the past 24 hours according to crypto market tracking website CoinMarketCap. At press time, ETH price stands at $1,176.88 after a 24-hour decline of 2.06%. In addition, the price of ETH against (BTC) decreased by 0.49% in the same time period.
ETH trading volume also fell by 18.25%, bringing the total daily trading volume down to $9,036,397,215.
4-hour chart for ETH/USDT (Source: CoinMarketCap)
There is a descending triangle formation forming on the 4 hour chart of ETH which is indicating bearish momentum. As a result, the price of ETH may continue to decline over the next two to three days. The market may be looking to eliminate all stops above the $1234 swing high, which is also at the 0.618 Fibonacci level.
ETH price is currently being held by the 4-hour lines 20 and 50 EMA. The altcoin price is looking to break above a bearish chart pattern. If it fails to do so and drops below the 20 and 50 lines of the 4-hour exponential moving average over the next 8 hours, the bearish notion is over.
This could be a great opportunity to enter into a short position on futures contracts. Furthermore, investors and traders may be looking to sell off all of the ETH price pumps until ETH price reaches $882, the previous swing low from June 18 of this year.
Crypto is likely going through its biggest crash in history. This could take the price of ETH to $400 next year and the price of BTC to $10,000 next year.
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Subsequent bearish chart patterns indicate that the price of ETH will weaken as first seen in the coin issuance.