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.