Ethereum (CRYPTO: ETH) was falling over 4% at one point on Friday as inflation fears, the likelihood of rising interest rates and Ukraine/Russia news continues to spook the markets.
Gold, considered a safe-haven asset, has been rising steadily in comparison, which indicates in times of economic uncertainty. Cryptocurrencies are still considered risky, despite many arguing cryptos such as Bitcoin (CRYPTO: BTC) would replace physical metals as the most popular asset class.
Bitcoin was performing better than Ethereum on Friday, trading mostly flat in consolidation after a bearish day on Thursday dropped the cryptos 7.65% and 7.39%, respectively, over the course of the 24-hour trading period.
Despite the risk, Ethereum may have a pivot point coming up if the crypto continues to drop and traders can watch for a reversal candlestick to print at the level, if the pattern is recognized.
The Ethereum Chart: On Feb 6, Ethereum broke up bullishly through a descending trendline that had been holding the crypto down since it reached a high near the $4,780 level on Dec. 1, 2021. The break of the pattern triggered about an 8% move to the upside but when Ethereum failed to make a higher high on Feb. 16, the uptrend was negated, which gave the bears control.
Ethereum may find support if it backtests the trendline again, however, because when the…
