Ethereum Invalidates Bearish Outlook Following Binance’s 100K ETH Inflow
Today’s price actions saw ETH’s price chart indicating a ‘double top,’ a bearish pattern. Such moves came after Binance saw 100K Ether inflow.
ETH Indicated ‘Double Top Formation
As reported by CryptoQuant, the leading alt created a bearish formation on its price chart early on Wednesday. During the same period, Binance noted an inflow of roughly 100,000 ETH.
Meanwhile, the token’s price chart shows it forming the ‘double top’ formation. Historically, the pattern has depicted incoming bearishness in the market. However, the asset cannot confirm a double top until it plunges beneath the support indicated by the drop between the two peak prices.
For now, it seems like the token crashed towards $3,200 after creating the two peaks. That means that ETH trades under its support at $3,300. Such a plunge suggests the double top formation. The best thing is that the token appears to move above its support area.
After a double top case, the support serves as a resistance for the token’s price to maintain beneath it for some time. Meanwhile, it can be a shoulder pattern and confirms an active bearish outlook. However, the crypto canceled another bearish gesture. That shows Ethereum is ready for upticks.
Binance Witnesses Around 100K Ether Flows
As Ethereum formed the two peaks, according to Ethereum’s NetFlow indicators, Binance experienced ETH amounting to over 100K flowing into it. Keep in mind that Binance is among the world-leading crypto exchange. The ‘NetFlow is an indicator used to show the total cryptos moving out or into an exchange platform. If the metric shows a negative figure, more tokens are flowing out than into the exchange, while positive values indicate the reverse.
The price chart depicts that nearly 100,000 Ether tokens flowed into the Binance crypto exchange. The positive value indicates that investors face massive selling pressure. For that reason, they opt to dump their tokens into cryptocurrency exchanges.
Meanwhile, the coins’ movements had Ethereum annulling its bearish signal. Remember, the altcoin market experienced plummets after BTC saw dramatic plunges following the El Salvador Bitcoin law controversy.
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