Ethereum is struggling against Bitcoin despite a modest recovery in fund flows.
) since December 2021. But even more pain is possible for the ETH/BTC pair in the coming weeks, based on a classic technical indicator.since early June 2022 on the three-day timeframe.
In detail, 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. They resolve after the price breaks below the lower trendline, i.e., in the direction of its previous downtrend.
As a rule of technical analysis, a bear flag's downside target comes to be at the length equal to the size of the previous downside move. Lately, ETH/BTC has been eyeing a similar breakdown, with its profit target sitting around 0.0439, down almost 20% from today's price.
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