The flopping? Ethereum price weakens after The Merge and is at risk of falling 55% against Bitcoin

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Ethereum native token Ether (ETH) has been forming an inverse cup and handle pattern since May 2021 on the weekly chart, hinting at a possible decline against Bitcoin ( BTC ).

Weekly candlestick chart of the ETH/BTC pair with the breakout of the reverse cup and handle setup. Source: TradingVieWA reverse cup and handle is a bearish reversal pattern, accompanied by lower trading volume. It normally resolves after the price breaks below its support level, followed by a decline towards the level by a length equal to the maximum height between the rate peak and the support line.

Applying the theoretical definition on the weekly chart of ETH/BTC presents 0.03 BTC as its next downside target, around 55% from current price as of Sep 16.

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