Double Dragon: Is Ethereum Ready For Violent Reversal?

But following a historic market collapse that wiped out nearly all of the asset’s gains thus far this year, Ethereum may finally be ready for a violent reversal after a pair of dragonfly doji have formed two weeks in a row on ETHBTC price charts. But the coronavirus crippling the economy proved to be far too much for Ethereum to withstand, and it and the rest of the cryptocurrency market came tumbling down, setting a new low for the year on USD pairs.

According to weekly ETHBTC price charts, the last two weeks in a row have closed with dragonfly doji candlesticks. However, with all of the uncertainty surrounding financial markets currently due to the coronavirus and coming recession, the indecision the dragonfly doji is calling attention to could be nothing more than a pause for air before downside resumes.

Timeline of Ethereum