Ethereum price ‘bear flag’ could sink ETH to $2K after 20% decline in three weeks

2022.04.20 09:27

Ethereum price ‘bear flag’ could sink ETH to $2K after 20% decline in three weeks

Ethereum’s native token Ether (ETH) has dropped by nearly 20% in the last three weeks, hitting monthly lows near $2,900 on April 19. But despite rebounding above $3,000 since then, technicals suggest more downside is possible in the near term, according to a classic bearish pattern.

Dubbed “bear flag,” the bearish continuation signal appears as the price consolidates higher inside an ascending parallel channel after a strong downward move (called the flagpole). It resolves after the price breaks out of the channel to drop further.

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