Analyzing Ether’s (ETHThe price chart below shows that the current picture is bearish. It’s partly due to the 11% decline over the previous month. Other traditional assets, however, experienced greater price corrections. Invesco’s China Technology ETF (CQQ), is currently down 31% while the dropped by 8%.

Traders fear losing $2,850 of descending channel support could cause a greater price decline. However, this all depends on the position and metrics that the network provides for derivatives traders.