Categories: Market

Ethereum forms a bearish “double top” pattern, while 100,000 ETH flows into Binance

The current ETH price chart could indicate the formation of a bearish pattern known as the “double top”. This means that 100,000 ETH have flowed into Binance.

The “Double Top” bearish pattern

According to a chart by CryptoQuant, the second largest cryptocurrency formed a bearish pattern on the chart yesterday.

The source: KryptoQuant

As the graphic above shows, this popular pattern is known as the “Double Top”. Historically, the formation of such highs has been a bearish signal.

However, the “double top” pattern cannot be confirmed until the price falls below the support level marked by the decline between the two tops.

It appears that the price fell to $ 3.2,000 immediately after forming two tops, well below the $ 3.3,000 support. In most cases, such a decline confirms the completion of a bearish pattern. In the case of ETH, however, the price has moved above the support and is currently trading at $ 3,466.

After the double top event, the support becomes resistance to keep the price below it for a while. The ETH rally could just be a shoulder formation and the downward trend could still be active.

Even if the opposite may be the case, there is another bearish signal …

ETH flows into Binance

Around the same time as the double top was formed, the net flow indicator for Ethereum shows that around 100,000 ETH have flowed into the Binance exchange.

“Net flow” indicates the amount of net money flowing into or out of exchanges. It is calculated simply by taking the difference between the input and output currents.

If the indicator receives a negative value, it means that more ETH is moving outwards than inwards, while a positive value shows the opposite.

Source: CryptoQuant

The top on the chart shows that around 100,000 ETH went into the exchange and the chain data confirms that it has found its way into Binance.

Such high spikes often mean that investors are facing strong selling pressure and are therefore moving coins to the exchanges for offloading.

We invite you to join our Telegram for faster news: https://t.me/coincunews

Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.

Annie

According to Newsbtc

Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page

CoinX

Recent Posts

PropiChain’s Token Presale Turns Heads as the First DeFi Platform to Merge NFTs with AI 

The hype around PropiChain’s token presale is due to its innovative integration of NFTs and…

2 hours ago

UK Pension Fund Cartwright Encourages 3% Allocation to Bitcoin Investment

UK pension fund Cartwright advised the country's first defined benefit pension fund to allocate 3%…

4 hours ago

Crypto PAC Fairshake Continues to Boost 2026 Election With Support from a16z

a16z and Coinbase have pledged substantial funds to crypto PAC Fairshake, aiming to support crypto-friendly…

5 hours ago

Bitcoin, Ethereum, And Solana Lead Crypto Market, But Not For Long With New AI Altcoin With 30,000% Potential, Expert Says

Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) dominate the crypto market, but experts warn that…

8 hours ago

Dogecoin Price Prediction: Will DOGE Ever Hit $0.7 Again? Why ETFSwap (ETFS) Is The Best Alternative For 100x Gains

Discover the future as the Dogecoin price aims for a $0.7 comeback and discover why…

11 hours ago

This website uses cookies.