Ethereum price risks ‘bear flag’ breakdown, 20% drop against Bitcoin
— Ether, Flag, Drop, Bitcoin, Bear, Ethbtc, Flags, Technical, Profit, Price — 1 min read
ETH/BTC chart has been forming a bear flag since early June 2022 on the three-day timeframe. Bear flags are considered bearish continuation patterns that form as the price consolidates higher inside a range defined by two ascending parallel trendlines after a sharp decline. A bear flag’s downside target comes to be at a length equal to the size of the previous downside move. A separate technical setup by analyst Pentoshi shows Ether facing the possibility of falling much lower than the bear flag's profit target. Ether funds amassed $7.6 million in the week ending July 8, according to CoinShares’ latest report. The improvement in sentiment may be due to the increasing probability of the Merge, where Ethereum moves from proof-of-work to proof of Source