• Ethereum could see its market structure flipped bearishly upon a descent below $3050.
• The momentum and selling pressure were rising steadily and could force more losses.

The past 24 hours saw a strong wave of selling pressure. Bitcoin [BTC] and Ethereum [ETH] noted losses of 7%-8% each, and a deeper drop appeared likely. The $3.5k level was a key short-term support for ETH.

Crypto analyst Ali Martinez noted that a bear pennant formation was brewing. If it came to fruition, a drop to $2.8k could be on the cards. Will the bears fulfill this prediction?