⬤ ETH is under fresh pressure after another technical breakdown on the daily timeframe. The second bearish pennant has broken to the downside, closely mirroring the first formation. The chart shows ETH completing Bearish Pennant #1 and hitting its projected target near $1,735, then forming a second tightening consolidation that has now resolved lower as well. Earlier analysis had already flagged risks tied to prolonged downtrend structure in Ethereum price action, and the current setup lines up with that warning.
⬤ The first pennant played out in textbook fashion: Ethereum dropped sharply, consolidated within converging trendlines, then broke lower to fulfill the measured move around $1,735. After that target was hit, price action formed Bearish Pennant #2 underneath prior resistance. This second triangular compression has now broken downward, with the measured move projecting ETH toward approximately $1,072. Market coverage has consistently shown ETH struggling below key resistance levels amid bearish continuation, reinforcing the repeated pattern of downside follow-through.
⬤ ETH is already trading below the pennant range, confirming the continuation structure. Two bearish pennants in succession reflect sustained selling pressure on the daily timeframe. Prior technical commentary covering a triangle breakdown signaling further downside risk for ETH aligns directly with where price action is heading now.
⬤ The confirmation of a repeated continuation pattern inside an existing downtrend keeps the market structure bearish. With the second pennant broken and the $1,072 projection clearly defined on the chart, downside momentum remains the path of least resistance unless price stages a sustained reversal back above the former consolidation range.
ETH Price Analysis: 2 Bearish Pennants Break, $1,072 Target in Sight
⬤ ETH is under fresh pressure after another technical breakdown on the daily timeframe. The second bearish pennant has broken to the downside, closely mirroring the first formation. The chart shows ETH completing Bearish Pennant #1 and hitting its projected target near $1,735, then forming a second tightening consolidation that has now resolved lower as well. Earlier analysis had already flagged risks tied to prolonged downtrend structure in Ethereum price action, and the current setup lines up with that warning.
⬤ The first pennant played out in textbook fashion: Ethereum dropped sharply, consolidated within converging trendlines, then broke lower to fulfill the measured move around $1,735. After that target was hit, price action formed Bearish Pennant #2 underneath prior resistance. This second triangular compression has now broken downward, with the measured move projecting ETH toward approximately $1,072. Market coverage has consistently shown ETH struggling below key resistance levels amid bearish continuation, reinforcing the repeated pattern of downside follow-through.
⬤ ETH is already trading below the pennant range, confirming the continuation structure. Two bearish pennants in succession reflect sustained selling pressure on the daily timeframe. Prior technical commentary covering a triangle breakdown signaling further downside risk for ETH aligns directly with where price action is heading now.
⬤ The confirmation of a repeated continuation pattern inside an existing downtrend keeps the market structure bearish. With the second pennant broken and the $1,072 projection clearly defined on the chart, downside momentum remains the path of least resistance unless price stages a sustained reversal back above the former consolidation range.