Ethereum price isn't out of the woods yet despite ETH rebounding to $3K.
) 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, technicals suggest more downside is possible in the near term, according to a classic bearish pattern.," the bearish continuation signal appears as the price consolidates higher inside an ascending parallel channel after a strong downward move . It resolves after the price breaks out of the channel to drop further.
ETH's price turned lower after testing its bear flag's upper trendline on April 4 and now eyes an extended decline towards its lower trendline near $2,700. If the pattern pans out as intended, the price could drop further, with its target at length equal to the flagpole's height, as shown in the chart below.As a result, Ether's bear flag setup risks a potential retest of $2,000 in the second quarter.
For instance, the correlation coefficient between Ether and Nasdaq 100 was 0.95 this April 19. A coefficient of 1 means that the two assets move in perfect tandem.Ether price is down by nearly 19% since the start of 2022. Meanwhile, Bitcoin, stock and other riskier markets this year as investors assess the Federal Reserve's willingness to aggressively raise rates and reduce its $9 trillion balance sheet.More or less, ETH's fall comes primarily due to sentiments that there would be less cash available to purchase riskier assets.
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