Cryptocurrency prices have been combined with Bitcoin buying and trading beyond the $38,000 mark in recent days. At $38,467, BTC was basically unchanged in terms of purchasing and selling. According to CoinGecko’s pricing, the global crypto market’s value has risen to $1.81 trillion in the last 24 hours. However, Ether increased modestly to $2,843.
As it approaches breaking below its “ascending triangle” pattern, Ethereum’s native coin Ether (ETH) could see a 35 percent market correction in Q2.
On May 2, the price of Ether fluctuated between gains and losses while trading at $2,825, indicating that traders are undecided about their next move.
Surprisingly, the Ethereum token swayed around a rising trendline that forms an ascending triangle pattern when combined with a horizontal line resistance.
Before establishing its ascending triangle, Ether’s price was heading lower, increasing the odds of a breakdown in the coming weeks.
Ether’s fake-out move from more than a month ago is another gloomy warning.
Ether, for example, broke above its ascending triangle on March 28 before returning to its range a week later, indicating a phoney breakout. The conversion of the triangle’s top to resistance, followed by a period of constant selling, suggests that bearish momentum is growing and the market is approaching a breakdown point.
Breaking below the Triangle’s lower trendline, on average, places the downside objective at a length equal to the triangle’s maximum height, or somewhere between $1,820 (-35%) and $2,160 (-30%), depending on the breakout point.
Institutional Investors Draw Money out of ETH
Meanwhile, according to the latest CoinShares report, accredited investors have been withdrawing money from Ethereum-based investment products in 2022.
Specifically, until April 22, around $169 million has already departed Ethereum funds. In contrast, Ethereum’s layer-1 rivals, such as Solana (SOL) and Avalanche (AVAX), as well as its leading competitor, Bitcoin (BTC), saw capital inflows.