The cryptocurrency market remains under pressure as the recent changes in the prices of major tokens unfold. Ethereum faces a decline while Curve DAO Token attracts investor attention with its technical signal.
Ethereum's Status
Ethereum (ETH) is trading around $4,450, reflecting a 6% decline from its recent peak of $4,954. Despite this current dip, ETH shows slight recovery, and several altcoins are also indicating signs of growth.
Formation of CRV's Harmonic Pattern
On the daily chart of Curve DAO Token (CRV), a **Bearish ABCD harmonic pattern** is forming. This type of structure, despite its name, can often lead to a strong bullish rally before the price tests its Potential Reversal Zone (PRZ). The pattern begins with a rally from Point A ($0.4918) to Point B, followed by a retracement down to Point C ($0.7481), where buyers managed to defend the 100-day moving average (MA). Currently, CRV has bounced back to around $0.7838, suggesting that the CD-leg may now be unfolding.
Outlook for Curve DAO Token
If bulls maintain momentum and push CRV above the 50-day MA ($0.9062), the token could extend its gains toward the 1.62 Fibonacci PRZ near $1.411. Such a move would represent an 80%+ potential upside from current levels. However, risks remain; a breakdown below the 100-day MA support at $0.7578 would invalidate the pattern, exposing CRV to renewed bearish pressure.
Current developments in the cryptocurrency market highlight the volatility and risks inherent in investment decisions, especially regarding Ethereum and Curve DAO Token, which are worth watching in the near future.
