Ethereum price chart targets $1.8K as total value locked hits 13-month lows

Ether price eyes a 14% drop to $1,800 as it trades in a classic bearish pattern amid declining total value locked on the Ethereum network.

Ether’s (ETH) price printed a “bear pennant” on the daily chart, a technical chart formation associated with strong downward momentum. Could a weakening technical setup and a decline in total value locked signal the continuation of ETH’s correction to $1,800?

Key takeaways:

Ether’s 13% drop from its multi-month highs above $2,400 saw it breach a key trend line that has supported the price since early February.

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