NewsPrice Analysis

Ethereum Double Top Pattern Formed, Will It Breakdown or Revert Back?

Highlights

    Ethereum rallied with soaring price that was expected to hit the all-time high, but failed as the asset was rejected at $1100 multiple times

    ETH price is attempting hard to stand strong above $1000 as a decisive double top pattern formed in the price chart.

Will ETH Price Hit $2000?

The Ethereum price rallied following the bitcoin bull rally and was on the verge to form a new all-time high. But woefully, the bears geared up to pull down the price which is trending around $1000 from the past couple of hours.

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Moreover,the ETH price has been rejected multiple times at $1100 and crashed to as low as $900. Despite a $100 recovery which rallied the price again above $1000, it appears that the Ethereum price is still trying very hard to not visit the strong support levels around $980.

ETH price

Interestingly, a double top pattern has been formed in the hourly chart of the ETH price. 

As per the pattern formed, there are very high possibilities of a breakout that may carry the price to as high as $1500. 

Ethereum Gas Fees Soaring High

As the ETH 2.0 Beacon Chain went live on 01 Dec 2020, the crypto space expected a reduced ETH gas fee. But all expectations went in vain when the gas fees also soared high during the Ethereum bull run. 

Previously, the gas fees spiked and touched the skies during the UNI airdrop which accumulated nearly $538 billion gas fees in a single day. Currently, gas fees have touched $259 billion with an average of 66 gwei at the time of writing. However the higher fees remained at 122 gwei.

ETH gas fees

CEO of Binance, Changpang Zhoa also tweeted about the high gas fees and compared to that of the Binance smart chain.

Therefore the high gas fees indicate that as of now, the ETH2.0 may not have addressed the high fee issue, but in the coming future, as the updates are done, it may reduce the gas fees to some extent.

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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