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<\/p>\nToday’s Ethereum price chart may suggest the formation of a bearish pattern called the “double top”. 100k ETH also flowed into Binance.<\/p>\n
As explained by a CryptoQuant post, the cryptocurrency formed a bearish pattern on the price chart earlier today, and at about the same time, Binance also noticed a netflow of around 100k ETH.<\/p>\n
Here is a Ethereum chart that clearly shows the bearish pattern:<\/p>\n
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ETH’s price chart showed a bearish formation earlier today | Source: CryptoQuant\u00a0<\/p>\n
As the above chart shows, Ethereum seems to have formed what’s popularly known as the “double top” pattern. Historically, formation of such peaks has been a bearish signal.<\/p>\n
However, a double top can’t be confirmed until the price drops below the support level marked by the dip between the two peaks.<\/p>\n
Related Reading |\u00a0Flash Crash, Ethereum Tests Support With 17% Drop And Risks Further Losses<\/strong><\/em><\/p>\n The above chart was actually posted by the analyst a few hours ago. A more recent version of the chart looks something like this:<\/p>\n ETH’s price continues to show volatility | Source: ETHUSD on TradingView<\/p>\n It looks like right after forming the two peaks, the price seems to have crashed down to $3.2k, which is below the 3.3k support level.<\/p>\n In most cases, such a dip confirms that the formation is a bearish double top. However, here the price seems to already be moving back up the support level.<\/p>\n Related Reading |\u00a0Twitter To Allow Users Receive Bitcoin And Ethereum Via Its Tip Jar Feature<\/strong><\/em><\/p>\n Following a double top event, the support level becomes resistance so that the price stays below it for a while. It’s possible it could just be a shoulder formation, and that the bearish trend might still be active.<\/p>\n Though the opposite could also be true; the price might keep going back up instead. However, another bearish signal also went off…<\/p>\n Around the same time that the two peaks formed, the netflow indicator for Ethereum showed that about 100k ETH flowed into the crypto exchange Binance.<\/p>\n The “netflow” is a metric that shows the net amount of coins moving into or out of exchanges. It’s calculated by simply taking the difference between the inflows and the outflows.<\/p>\n When the indicator takes a negative value, it means more ETH is moving out than in, while a positive value implies the reverse.<\/p>\n Here is a chart that shows the Ethereum netflow for all exchanges:<\/p>\n The ETH netflow spikes up | Source: CryptoQuant<\/p>\n The spike on the chart shows that about 100k ETH flowed into exchanges, and chain data confirms it was into the crypto exchange Binance.<\/p>\n Such a positive spike generally implies investors are facing heavy selling pressure, and thus they are sending their coins to exchanges for dumping them.<\/p>\n![](\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2021\/09\/chart-9-460x240.png\")
<\/p>\nAbout 100k ETH Flows Into Binance<\/h2>\n
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