Bitcoin
Bitcoin (BTC)
$102,817.00 2.42028
Bitcoin price
Ethereum
Ethereum (ETH)
$2,299.01 14.01974
Ethereum price
BNB
BNB (BNB)
$633.75 2.1729
BNB price
Solana
Solana (SOL)
$169.37 6.14214
Solana price
XRP
XRP (XRP)
$2.34 4.10033
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000149 7.75272
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000124 25.44871
Pepe price
Bonk
Bonk (BONK)
$0.0000218 13.60735
Bonk price
dogwifhat
dogwifhat (WIF)
$0.721234 11.19977
dogwifhat price
Popcat
Popcat (POPCAT)
$0.497081 1.81604
Popcat price
Bitcoin
Bitcoin (BTC)
$102,817.00 2.42028
Bitcoin price
Ethereum
Ethereum (ETH)
$2,299.01 14.01974
Ethereum price
BNB
BNB (BNB)
$633.75 2.1729
BNB price
Solana
Solana (SOL)
$169.37 6.14214
Solana price
XRP
XRP (XRP)
$2.34 4.10033
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000149 7.75272
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000124 25.44871
Pepe price
Bonk
Bonk (BONK)
$0.0000218 13.60735
Bonk price
dogwifhat
dogwifhat (WIF)
$0.721234 11.19977
dogwifhat price
Popcat
Popcat (POPCAT)
$0.497081 1.81604
Popcat price
Bitcoin
Bitcoin (BTC)
$102,817.00 2.42028
Bitcoin price
Ethereum
Ethereum (ETH)
$2,299.01 14.01974
Ethereum price
BNB
BNB (BNB)
$633.75 2.1729
BNB price
Solana
Solana (SOL)
$169.37 6.14214
Solana price
XRP
XRP (XRP)
$2.34 4.10033
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000149 7.75272
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000124 25.44871
Pepe price
Bonk
Bonk (BONK)
$0.0000218 13.60735
Bonk price
dogwifhat
dogwifhat (WIF)
$0.721234 11.19977
dogwifhat price
Popcat
Popcat (POPCAT)
$0.497081 1.81604
Popcat price
Bitcoin
Bitcoin (BTC)
$102,817.00 2.42028
Bitcoin price
Ethereum
Ethereum (ETH)
$2,299.01 14.01974
Ethereum price
BNB
BNB (BNB)
$633.75 2.1729
BNB price
Solana
Solana (SOL)
$169.37 6.14214
Solana price
XRP
XRP (XRP)
$2.34 4.10033
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000149 7.75272
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000124 25.44871
Pepe price
Bonk
Bonk (BONK)
$0.0000218 13.60735
Bonk price
dogwifhat
dogwifhat (WIF)
$0.721234 11.19977
dogwifhat price
Popcat
Popcat (POPCAT)
$0.497081 1.81604
Popcat price

Red alert as Ethereum price forms several dangerous patterns

Jayson Derrick
Edited by
Markets
Red alert as Ethereum price forms several dangerous patterns

Ethereum, the second-biggest cryptocurrency, has lagged behind Bitcoin this year amid slow growth of its exchange-traded funds and competition from other layer-1 and layer-2 blockchains.

Ethereum (ETH) has rallied by less than 20% in 2024, while Bitcoin (BTC) has risen by over 50%. 

Technicals point to more Ether weakness in the coming months. On the weekly chart, the coin formed a double-top chart pattern around $4,000. It dropped below the neckline of this pattern at $2,824 in July, confirming the bearish breakout.

Ethereum has also formed a death cross pattern as the 200-day and 50-day Hull Moving Averages made a bearish crossover. The HMA reduces lag by using weighted moving averages to smooth out price data.

The last time Ethereum formed a death cross on the weekly chart was in March 2022, and the coin dropped by over 70% after that.

Ether has also formed a bearish pennant chart pattern, which is characterized by a long vertical line followed by a symmetrical triangle. Typically, an asset experiences a bearish breakout when the two lines of the triangle converge.

Additionally, this consolidation is happening at the 50% Fibonacci Retracement level. Therefore, there are increasing chances that the coin will have a strong bearish breakout in the near term, with the next target to watch being $2,111, its lowest point on Aug. 5.

Ethereum price
Ethereum price chart | Source: TradingView

Ethereum’s weak fundamentals

In addition to weak technicals, Ethereum is also battling significant fundamental challenges. First, Ether ETFs have not seen strong inflows a few months after launch.

According to SoSoValue, these funds have had cumulative outflows of over $530 million, primarily due to the Grayscale Ethereum Fund. In contrast, Bitcoin ETFs have crossed the $20 billion inflow level, pointing to higher demand from institutional investors.

Ethereum is also seeing intense competition in areas it used to dominate like DeFi and NFTs. Data by DeFi Llama shows that Solana has crossed Ethereum in terms of DEX volume in the last seven days. It handled $10.87 billion compared to Ethereum’s $9.69 billion. 

If the trend continues, Solana may surpass Ethereum this month. Solana has handled $23.9 billion so far, compared to Ethereum’s $24 billion.

This performance is largely driven by the popularity of Solana (SOL) meme coins like Dogwifhat, Bonk, and Popcat have become popular among traders. All Solana meme coins have gained over $10 billion in market cap.

Additionally, some high-profile Ethereum whales, including Vitalik Buterin and the Ethereum Foundation, have sold thousands of coins recently.

Therefore, a combination of weak fundamentals and technicals could push Ether lower in the coming weeks.