- Ethereum could see its market structure flipped bearishly upon a descent below $3050.
- The momentum and selling pressure were rising steadily and could force more losses.
The past 24 hours saw a strong wave of selling pressure. Bitcoin [BTC] and Ethereum [ETH] noted losses of 7%-8% each, and a deeper drop appeared likely. The $3.5k level was a key short-term support for ETH.
Crypto analyst Ali Martinez noted that a bear pennant formation was brewing. If it came to fruition, a drop to $2.8k could be on the cards. Will the bears fulfill this prediction?
The bear pennant or the demand zone- who will win this round?
Source: ETH/USDT on TradingView
AMBCrypto highlighted the pennant formation in white. Based on the length of the flagpole, a drop to $2.6k could commence. The $2.8k-$2.9k was a region where ETH consolidated in February before its push beyond $3k.
Hence, it could serve as support on the way down and repulse the bears. The…
