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Ethereum price risks dropping to $2K on ‘bear flag’ setup

Published 01/31/2022, 05:49 AM
Updated 01/31/2022, 07:20 AM
© Reuters.

Ethereum’s native token, Ether (ETH), will extend its 30% slump this year to the lowest price level since July 2021, if a textbook technical indicator plays out.

ETH’s price fell to its six-month low of $2,159 on Jan. 24, 2022, only to rebound sharply to as high as $2,724 days later. However, this created a so-called “bear flag” chart pattern that suggests the price could drop to $2,000 or a 17% drop from current levels.

ETH/USD daily price chart featuring bear flag setup. Source: TradingView
Bitcoin’s correlation with altcoins in the past 30 days. Source: CryptoWatch

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