Ethereum (ETH) Shows Bearish Signs, Bitcoin (BTC) Whales Trim Long Positions
Ethereum Diamond Reversal Pattern Alert
Crypto analyst Justin Bennett warns of a potential bearish pattern forming in Ethereum.
A recent strategy session by Justin Bennett has raised concerns about Ethereum’s price trajectory, suggesting a diamond reversal pattern may be emerging.
Bennett notes that if confirmed, this pattern could push Ethereum below the $2,500 mark.
Bitcoin Open Interest and Whale Activity
Bitcoin’s open interest reaches August levels as whales adjust positions.
Justin Bennett also highlights the increasing open interest in Bitcoin derivatives, signaling a pivotal moment for the leading cryptocurrency.
Moreover, he points out a shift in Bitcoin whale behavior, with whales trimming long positions compared to retail investors.
These developments have historically preceded a 10% price drop in Bitcoin.
Ethereum is currently trading at $2,642, while Bitcoin is priced at $67,505.
Investors and traders are advised to monitor these developments closely in the volatile cryptocurrency market.
The information in the article is for informational purposes only. It does not constitute any investment advice. The author and CryptoBlockNews.com are not responsible for your profits or losses arising from your investments. Investment is ultimately based on many foundations such as knowledge, accumulation, experience, research and personal decisions.
