Ethereum\u2019s native token Ether (ETH<\/a>) plunged to its lowest level\u00a0in almost two months against Bitcoin (BTC<\/a>) as a crypto market sell-off intensified\u00a0on May 12.<\/p>\n The ETH\/BTC trading pair fell by 7.5% to 0.0663 in the past 24 hours. The downside move came as a part of a correction that began May 11 when the pair traded<\/a> at the local high of 0.0768. That pushed Ether down against BTC by up to 13.75%.<\/p>\n Cryptocurrencies have come under stress in recent weeks<\/a> alongside stock markets. Notably, money managers, traders and investors show signs of \u201cde-risking\u201d their portfolios amid growing concerns over an increasingly hawkish Fed.<\/p>\n Ether, the second-largest crypto by market cap, has also been hit<\/a> by the same macro headwinds, now trading 65% lower than its record high of around $4,870 in November 2021. Similarly, Bitcoin is down 63% from its all-time high of $69,000 in the same period.<\/p>\n As a result of Ether\u2019s slightly limited decline compared to Bitcoin\u2019s, ETH\/BTC has shown resilience despite the market downturn in 2022. Nonetheless, the pair now shows signs of catching up to the bearish trend, suggesting more pain ahead.<\/p>\n ETH\/BTC\u2019s latest decline has had it break below its prevailing rising wedge\u00a0pattern<\/a>, suggesting the pair\u2019s technical downside target could be much lower than May 12\u2019s local lows.<\/p>\n That\u2019s because rising wedges are bearish reversal patterns<\/a> that typically send the price lower by as much as their maximum height when measured from the breakdown point. <\/p>\n Hence, the ETH\/BTC rising wedge\u2019s breakdown target comes to be near 0.064 after adding the structure\u2019s maximum height, usually around minus 0.009 BTC, to the breakdown point of 0.073 BTC.<\/p>\n Conversely, ETH\/BTC has been testing an upward sloping trendline, marked as \u201cLTF support\u201d in the chart above, as support since June 2021. The pair\u2019s attempt to break below the price floor oMay 12 fell short as traders gathered to buy the dip. That prompted Ether to rebound by 3.5% from its intraday low of 0.066 BTC.<\/p>\nMacro headwinds catch up to ETH\/BTC finally<\/h2>\n
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Rising wedge breakdown in play<\/h2>\n
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