The bearish setup positions Ethereum price to extend the decline toward $2,000.
Since its launch in 2013, CoinMarketCap has become one of the most powerful websites in the cryptocurrency space, being one of the most visited sites in the industry and a premier source of cryptocurrency market data.
The influence of the site became apparent when founder Brandon Chez, who has remained remarkably low-profile despite an attempted doxing by The Wall Street Journal, delisted South Korean exchanges from CoinMarketCap without warning in January 2018, triggering a temporary $100 billion drop in the total cryptocurrency market value.
CoinMarketCap has since focused on bringing more transparency and accountability to market data aggregation from exchanges and cryptocurrency networks through its Data Accountability and Transparency Alliance.
In April 2020, it was reported that leading cryptocurrency exchange Binance acquired CoinMarketCap in a $400 million deal.
The pattern's neckline support near $1,984 emerges as Ether's downside target.35053
Nonetheless, the Dogecoin-knockoff token was down by more than 80% from its record high of $0.00005.28485
The success rate for cup-and-handle patterns in forex and stock markets, on daily timeframes, are 65% and 68%, respectively, per a Harvard study.36937
The bullish setup emerges as traders raise their upside bets on smart contract protocols that rival Ethereum.13656
Crypto traders flocked to the safety of stablecoins during Tuesday’s market crash.14895
The sell-off in the Bitcoin market, in particular, intensified due to excessively leveraged bullish bets.13526
The price of LINK also surged in the wake of a marketwide bullish boom, wherein Bitcoin and its top rivaling altcoins jumped in tandem.14122
The latest FTT price boom came in the wake of similar upside moves across exchange assets.10872
Nonfarm payroll data shows the worst U.S. jobs gain in seven months, limiting concerns of Federal Reserve tapering this year.11449
To date, 92,595 ETH have been burned following Ethereum's London hard fork upgrade.21149
CoinMarketCap has launched a token swap feature via integration with Uniswap, and has hinted at supporting additional DEXs and networks in the future.13186
The long-awaited rebound came as the community accused the Internet Computer team of dumping $6 billion worth of ICP tokens.30514
Bitcoin price and altcoins take a series of heavy hits as the weekend sell-off deepens.19302
Coinbase was down, Gemini reported degraded performance and CoinMarketCap was inaccessible earlier on Wednesday.16501