In June 2022, the realized price of Ether fell below the spot price, preceding a 51% drop in the price of ETH following the collapse of the Terra Luna market. A similar scenario was observed in November 2022, when the metric fell below the price before Ether dropped 35% after the FTX collapse.

Now that a similar scenario is unfolding, the current setup freely echoes those previous bearish continuation phases. The price of ETH is at risk of a deeper correction.