Ethereum Price Compresses in Bearish Pennant, Will $1,136 Become ETH’s Target?

The post Ethereum Price Compresses in Bearish Pennant, Will $1,136 Become ETH’s Target? appeared first on Coinpedia Fintech News

The Ethereum price is hovering near $2,050 while compressing inside a bearish pennant on the 3-day chart. After retreating from levels above $3,000 in previous months, ETH/USD is now consolidating within converging trendlines and the pattern suggests potential continuation to the downside, with a projected breakdown target near $1,136.

That’s the technical setup. But the underlying volume dynamics add another layer to the story.

On the higher timeframe, the Ethereum price chart shows a classic post-drop consolidation. A sharp initial move lower was followed by tightening price action between descending resistance and rising support.

Typically, a bearish pennant forms after a strong downward impulse and resolves in the direction of the prior trend. In this case, that would imply further weakness if support gives way. The cited breakdown target stands at $1,136.

$ETH/3-day

Bearish Pennant forming