Red alert, as the price of ETHEREUM nullifies the key up the key

The price of Ethereum fell to the main support level on Monday, which increased the risk of increasing the negative side after nullifying the decisive bullish scheme.

ethereum (EthHe decreased to the lowest level of $ 2,146, its lowest level since August last year. It decreased by about 40 % of the highest level in December.

Ethereum price nullifies H&S inverse style

The weekly graph shows that Ethereum has formed two distinct patterns in recent months. First, he developed a triple formation around the level of $ 4000, struggling to break this point since March last year.

Triple-TOP is a well-known declining signal, and often leads to more losses as soon as the price drops down the neckline. In the case of Ethereum, the neckline was $ 2,146, its lowest level in August last year.

Ethereum also formed a reverse and shoulder pattern, which is a famous bullish indicator. This style consists of the neck line, shoulders, and head. In this case, the neckline was at $ 4,000, the right shoulder was $ 2,830, and the head was $ 2,145. However, Ethereum has invalidated the opposite style and shoulders by moving below the left shoulder.

With the top triple playing style, Ethereum can face an additional decrease, which may decrease to the next main support at $ 1520, which is the lowest point in October 2023. only a strong upward outbreak will not be confirmed if Ethereum collects higher than the triple resistance . At $ 4000.

ETH is facing great challenges

ETHEREUM prices come at a time when the network is wrestling with great challenges. Data from Tokenerminal The data shows that Ethereum is no longer the most profitable Blockchain network.

To date this year, ETHEREMM has achieved $ 155 million of fees, which left Circle, which received $ 169 million. Meanwhile, Solana Weron, Geto, tension, 261 million dollars, 294 million dollars, 303 million dollars, and 414 million dollars, were recorded, respectively.

Ethereum also lost its long hegemony in the decentralized stock exchange sector. Over the past seven days, the decentralized stock exchanges that have been built on ETHEREUM have been treated approximately $ 20 billion in transactions – LOWER of the BNB series of $ 25.7 billion and Solana 42 billion dollars.

You see (TXEthereum also exceeded the volume of Stablecoin transactions, primarily due to the low transaction fee.

Moreover, the boxes circulating at Spot Ethereum witnessed a lukewarm reception in Wall Street, attracting only $ 2.76 billion of flows since September last year. On the other hand, Bitcoin funds got more than $ 40 billion.