ETH – Inverted Cup & Handle

Ethereum has lost more than 10% since January 13’s peak of $3413, diving down to today’s $3000. Meanwhile, Ethereum is developing another bearish pattern. Inverted Cup and Handle is a variation of the Cup and Handle pattern which is formed at the top of an uptrend. An inverted cup and handle pattern, as shown in the chart above, is a good signal to predict a bearish movement. This pattern is formed on the hourly chart and in case of a breakout, Ethereum might nose dive up to 11%  to $2700, fib 1.414. This could be the next support level. Likewise, Eth resistance is at $3170, fib 0.5.