### Analysis of the Candlestick Pattern for ETH-USDT (Last 48 Hours Data)
Focusing on the latest 12 two-day candles shows a clear pattern of tight fluctuations with a gradual decline in bullish momentum. *The sharp decline on December 26: a large black candle with a long upper shadow (peak at 2985.35), indicating a strong rejection of prices above the 2965 level and the beginning of selling pressure after a previous rise.
Daily corrections have been repeating since December 26, with each closing candle near its opening, and a limited price range (often less than 15 dollars), reflecting market hesitation and weakness in buying pressure.
Stabilization at 2925–2930 over the last 6 candles ranging between 2917.78 and 2933.70, with close closings — an indication of **accumulation or hesitation before a market decision, rather than a continuation of an upward trend.
# External Catalysts Beyond the Chart
*External flows from ETH ETF funds**: a net outflow of 95.5 million dollars in one day (December 23), dominated by performances from Grayscale and BlackRock — reinforcing selling pressure in the near term: as reported in the KITCO report, Bitcoin remains under the daily "TBO cloud" in a strong bearish formation, and ETH follows the same pattern: trading below its daily support and cloud, with a decline in momentum indicators (RSI, OBV, etc.). In summary, the current pattern is not a reversal pattern, but rather a *consolidation phase after a sharp correction with institutional selling dominance via ETFs and a lack of clear support from Bitcoin. $BTC
