![\"Ether](\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjYtMDIvMDE5YzcxYjgtMjdkMy03ZjM3LWJjN2MtNzMwNjM5YTY4OGFkLmpwZw==.jpg\")
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Ethereum onchain data and a bear pennant on the daily chart suggest that bears may target the $1,100 level. Would a dip to that zone represent a generational buy opportunity?<\/p>\n
Ether (ETH) price printed a bear pennant on the daily chart, a technical chart formation associated with strong downward momentum. This weakening technical setup and declining network activity may signal the continuation of ETH\u2019s bear trend and possibly send the altcoin\u2019s price to $1,100.<\/p>\n
A bear pennant pattern is a bearish setup that forms after the price consolidates inside an up-sloping triangle following a sharp price drop.<\/p>\n
The pennant will resolve once the price breaks below the lower trend line of the pennant at $1,950. If this happ<\/a>ens, the ETH\/USD pair could drop by as much as the previous downtrend\u2019s height. This places the measured target for ETH price at $1,100, down 43% from the current price.<\/p>\n Read more<\/p>\n<\/p>\n If you liked the article, do not forget to share it with your friends. Follow us on\u00a0Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n If you want to read more News<\/a> articles, you can visit our General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n\n