The floppening? Ethereum price weakens post-Merge, risking 55% drop against Bitcoin

The floppening? Ethereum price weakens post-Merge, risking 55% drop against Bitcoin


Ethereum’s native token Ether (ETH) has been forming an inverse-cup-and-handle pattern since May 2021 on the weekly chart, which hints at a potential decline against Bitcoin (BTC). 

ETH/BTC weekly price chart featuring inverse cup-and-handle breakdown setup. Source: TradingView

An inverse cup-and-handle is a bearish reversal pattern, accompanied by lower trading volume. It typically resolves after the price breaks below its support level, followed by a fall toward the level at a length equal to the maximum height between the cup’s peak and the support line.

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Applying the theoretical definition on ETH/BTC’s weekly chart presents 0.03 BTC as its next downside target, down around 55% from Sept. 16’s price.

Can ETH/BTC pull a Dow Jones?

Alternatively, the ETH/BTC pair could nevertheless deliver some large gains in the years to come.

On the weekly

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