• Ethereum could see its market structure flipped bearishly upon a descent below $3050.
• The momentum and selling pressure were rising steadily and could force more losses.

The past 24 hours saw a strong wave of selling pressure. Bitcoin [BTC] and Ethereum [ETH] noted losses of 7%-8% each, and a deeper drop appeared likely. The $3.5k level was a key short-term support for ETH.

Crypto analyst Ali Martinez noted that a bear pennant formation was brewing. If it came to fruition, a drop to $2.8k could be on the cards. Will the bears fulfill this prediction?

The bear pennant or the demand zone- who will win this round?

AMBCrypto highlighted the pennant formation in white. Based on the length of the flagpole, a drop to $2.6k could commence. The $2.8k-$2.9k was a region where ETH consolidated in February before its push beyond $3k.

Hence, it could serve as support on the way down and repulse the bears. The $3.1k region was also a lower timeframe bullish order block which saw a significant reaction from the price earlier this month.

The trading volume has decreased over the past two weeks as Ethereum formed a bearish pattern. The break beneath the rising trendline confirmed the pattern was playing out. A fall below $3056 will flip the market structure bearishly on the 12-hour chart.

Ethereum was undervalued, but should you rush to buy it now?

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Author: Akashnath S

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