Ethereum is having a good week, staying in the green zone of the crypto space for the past seven days and raising its price by 3.7%. Ethereum is currently caught in an inverted pennant pattern A resumption of the bearish trend is highly possible for the altcoin $1,130 might be new support marker for Ethereum The second largest cryptocurrency by market capitalization is currently trading at $1,324 according to Coingfecko at the time of this writing while its 24-hour trading volume stands at a little over $5 billion. But the widely recognized king of all altcoins and its investors should consider staying on their toes as analysts believe that the asset is headed for a significant price correction and bearish momentum. This development once again contradicts bullish expectations for the crypto after successfully undergoing network upgrade last month. Related Reading: How This Crypto Pulled Off A Surprise 60% Rally In This Area – Find Out Here Ethereum And Its Bearish Price Pattern The inverted pennant pattern is where the Ethereum price has been revolving for the past days, with the crypto in danger of being out into an accelerated bearish momentum. Source: TradingView Under this pattern, a triangle formation appears where the price peaks before breaking the bottom support trendline and resumes its prior downtrend. In Ethereum’s case, such a scenario would mean breaking the $1,250 support level all the way to $1,130. If that happ...
