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Ethereum (ETH) Price Dips Below $3K amid Increased Short-Term Fear

Amid the ongoing cryptocurrency correction, Ethereum (ETH), the second-largest digital asset with a fully diluted valuation of about $360 billion, has severally teased below $3,000 in the past five weeks. On the daily time frame, ETH price against the US dollar has been forming a descending triangle with a solid base of around $2,972.

As the trading instrument approaches the edge of the consolidation, a breakout on either side will lead to huge price movements. According to a veteran analyst Peter Brandt, Ethereum price has not signaled any definitive movement from the price action study.

ETH $ETH is becoming a very intriguing chart to me
The pattern is too long to be considered a flag, but a channel is the most likely labeling
I could go either way with this chart pic.twitter.com/EeSa7SyAmA

— Peter Brandt (@PeterLBrandt) May 9, 2024

Ethereum No Longer Ultra Sound Money

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