Ether ‘bear pennant’ puts target on $1.1K ETH price: Here’s why

💡 DMK Insight

Ethereum’s current price at $1,947.35 is flirting with a critical bear pennant formation, hinting at potential downside. If bears push ETH down to the $1,100 level, it could trigger significant buying interest, especially among long-term holders looking for a generational entry point. This bearish setup on the daily chart suggests that traders should prepare for increased volatility, particularly if the price breaks below the pennant’s support. Watch for volume spikes around this level, as they could indicate strong buying or selling pressure. However, there’s a flip side: if ETH holds above $1,800, it might signal a reversal and a chance for a short squeeze. Keep an eye on the broader market sentiment and correlated assets like BTC, which could influence ETH’s trajectory. The next few weeks will be pivotal, so monitor these levels closely.