ETH jumps to break $3,600 this morning again as the buying pressure seems to be more from whales and institutions, as the most anticipated BTC halving also seems near in two weeks. But the reports showed that a bearish chart pattern had developed and could see prices fall to $3,200.
This bearish outlook has not yet changed. A move below $3056 would mean that swing traders should shift their bias toward selling. The RSI showed a reading of 47 and has been below neutral 50.
Bulls seems to have still some hope that the bearish chart pattern would not move toward its completion – which is a drop to the $3,200 - $3,000 region. The technical analysis showed a bearish performance would be likely in April. The leverage ratio revealed that speculators were also beginning to move toward the sidelines for fear of volatility.
As of now, at the time of writing this article, ETH is trading at around $3,650 and has seen a jump of over 6% in its price in the last 24 hours and has a market capitalization of $438 Billion.