Following a double top event, the support level becomes resistance so that the price stays below it for a while. It’s possible it could just be a shoulder formation, and that the bearish trend might still be active.
Though the opposite could also be true; the price might keep going back up instead. However, another bearish signal also went off…
About 100k ETH Flows Into Binance
Around the same time that the two peaks formed, the netflow indicator for Ethereum showed that about 100k ETH flowed into the crypto exchange Binance.
The “netflow” is a metric that shows the net amount of coins moving into or out of exchanges. It’s calculated by simply taking the difference between the inflows and the outflows.
When the indicator takes a negative value, it means more ETH is moving out than in, while a positive value implies the reverse.
Here is a chart that shows the Ethereum netflow for all exchanges: