ETH/BTC price hits 4-year low as bearish pattern suggests record downside ahead

Ethereum price continues its freefall and has formed an inverse cup and handle pattern, pointing to further downside to a record low.

Ethereum has dropped for three consecutive weeks and is hovering at its lowest level since January 2020 against Bitcoin. The ETH/BTC pair plunged to a low of 0.019, down more than 80% from its peak in December 2021.

A death cross formed in May last year, confirming bearish momentum. More recently, ETH has formed an inverse cup and handle pattern, a well-known bearish continuation signal.