Analysts: ETH bear flag pattern points to potential drop to $1,850

ETH has formed a classic bearish pattern known as a bear flag after breaking below the $3,000 support level, potentially signaling a drop to as low as $1,850, Cointelegraph reported, citing multiple analysts. On-chain analyst Kriptoholder noted that according to the current ETH order book, a strong buy wall exists in the $2,800 to $2,850 range. Another significant buy wall is present between $2,500 and $2,600, which aligns with the 200-day moving average. The analyst added that if these support levels are breached, the bear flag pattern suggests ETH could fall to as low as $1,800.