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Ether price is at risk of a decline toward $1,200 as it retests a key support level amid diminishing network activity and a return to inflation of ETH supply.
Ether’s (ETH) price printed a bear flag on the daily chart, a technical chart formation associated with strong downward momentum. Could this bearish setup and decreasing transaction fees signal the start of the second leg of ETH’s drop toward $1,200?
The market drawdown, fueled by US President Donald Trump’s tariff threats, saw Ether’s price drop by nearly 50% from a high of $3,432 on Jan. 31 to a 16-month low of $1,750 on March 11.
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While ETH has rebounded 18% since, it failed to produce a decisive break above $2,000 for a second time in less than 10 days.