Ethereum’s native token Ether (ETH) will likely fall below $2,000, according to one popular market analyst.

Ether paints a classic bearish continuation setup

Pseudonymous market analyst Wolf shared the downside outlook on March 7 as Ether’s price rebounded by over 3% to nearly $2,650, a day after testing its upward sloping trendline near $2,500.

Ignoring the intraday upside reversal, Wolf anticipated the Ether’s decline to continue further.

ETH/USD daily price chart. Source: TradingView

At the core of Wolf’s analogy was a “symmetrical triangle,” a classic technical analysis pattern that forms when the price fluctuates between two converging trendlines.

In a “perfect” scenario, the price breaks out of the triangle range in the direction of its previous trend. For the same reason, many analysts call symmetrical triangles a continuation pattern.

Ether has been bouncing inside a symmetrical triangle pattern since the beginning of this year. ETH had fallen by more than 50% after topping out in November 2021 at above $4,850. As a result of the “continuation” rule, ETH’s triangle pattern appears to be skewed toward the bears.

ETH/USD daily price chart featuring symmetrical triangle setup. Source: TradingView

In other words, the price can fall by as much as the maximum distance between the triangle’s upper and lower trendline after breaking out of the pattern.

As a result, Ether’s decisive move below the Triangle support — if accompanied by a spike in volume — could have it test levels below $2,000 as the next downside target.

“Bulls will try to defend long time diagonal, bears…

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