Ethereum shows bearish signals below $3,500 as the Adam & Eve pattern fails. Can Ethereum hold its support levels at $3,392 or $3,244?
As Bitcoin fluctuates under the $100,000 mark, Ethereum shows signs of weakness in its bullish trend. Will the biggest altcoin in the market face an extended pullback heading into 2025?
ETH price Analysis
As our previous Ethereum Price Analysis mentioned, the reversal from the 100-day EMA challenged the $3,500 resistance level. The short-term rounding-bottom reversal, forming the Adam and Eve pattern, has now entered a consolidation range.
The neckline of this bullish pattern coincided with the $3,500 psychological level and the supply zone extending from $3,520 to $3,568. After multiple price rejections in the 4-hour chart, the growing bearish influence suggests a breakdown of the consolidation range.
Currently, Ethereum is trading at $3,431, reflecting a pullback of 1.79% over the last 24 hours. Amid the reversal, the 4-hour chart shows a potential death cross, which indicates increasing bearish momentum.
Additionally, a negative crossover between the 100 and 200 EMA lines could be on the horizon. The 4-hour RSI line has also dropped below the midpoint after moving sideways, reflecting an increase in selling pressure.
Whale From Genesis Era Continues to Offload ETH
As technical signals turn bearish, an Ethereum ICO whale offloaded 4,160 ETH tokens, valued at approximately $14.5 million. The whale chose Kraken as the exchange; the deposit occurred a few hours ago.
Notably, this whale received 20,000 ETH in July 2015, valued at $6.2K at that time. After staking the received tokens for rewards, the whale sold ETH during previous bullish peaks and still holds 7,943 ETH, worth $24.6 million at current prices.
Ethereum Price Targets
Technical indicators are flashing sell signals for Ethereum in the short term. Additionally, the failure of the Adam and Eve pattern highlights significant overhead supply.
As a result, Ethereum’s price is likely to test immediate support levels at $3,392 and $3,244.
On the flip side, if the broader market recovers, ETH could challenge the $3,500 supply zone again.
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