ETH Technical Analysis: Agitated Bears Teases Downfall below $2800

The failed inverted head and shoulder pattern warns of $2800 fallout that can drive the ETH coin price back to the $2400 mark. The ETH coin price gives a fallout of the inverted head and shoulder pattern, as the bulls fail to overcome selling pressure at the $3200 and the resistance trendline. Will the bears break below the $2800 mark to give a 15% downfall? Key technical points: Ethereum retests the $2800 support zone. The vortex indicator is on the verge of giving a bearish crossover. The 24-hour trading volume in the Ethereum token is $14.86 Billion, indicating a 2.42% rise. Past Performance of ETH As the bulls fail to surpass the $3200 mark, the Ethereum prices fall below the crucial support levels to reach $2800. The price action showcases a bearish reversal from the resistance trendline in the ETH/USD chart. Currently, the market price of Ethereum is $2,936 as the $2800 support pushes the prices higher back. Source-Tradingview ETH Technical Analysis The crucial 50,100, and 200-day EMAs maintain a bearish as the ETH prices trade below all of them. Moreover, the falling 100-day EMA may shortly give a bearish crossover with the 200-day EMA. The RSI Indicator slope shows a bearish divergence in the last two dips at the $2800 support zone. Hence, the possibility of a double bottom creation and hints of fallout to the $2400 mark. The Vortex indicator suggests the VI lines approaching to give a bearish crossover, projecting the...