- Ethereum is trading near $1,811 after failing to reclaim $2,000; $1,600 downside possible.
- Analyst Bit Bull highlights bearish triangle breakdown, low volumes, and weak dominance in ETH.
- Doctor Profit and others see $1,800 as strong support, with potential rebound toward $4,000–$6,800.
Ethereum has been under steady pressure, and a deeper fall may be on the horizon. The second-largest cryptocurrency by market value has struggled to hold above $2,000 and is now trading around $1,811, marking a minor 0.06% increase in the last 24 hours, according to CoinMarketCap.
Analyst Bit Bull has warned that Ethereum could drop as low as $1,600. His view is based on the asset breaking below a symmetrical triangle after falling beneath $1,820. That breakdown, followed by a retest and low trading volumes, has reinforced concerns of further decline. He explained that the move signals continued bearish sentiment in the market.
“However, after the breakdown and a retest, ETH is now looking bearish,” said Bit Bull. Ethereum has remained below the $2,000 mark since it slipped under that key level—a decline driven by a series of negative technical and market factors. He further added, “Technically, there’s a strong possibility for further downside.”
Ethereum Dominance Faces Critical Test
In addition to the triangle breakdown, Bit Bull also noted that Ethereum’s dominance in the overall crypto market is showing signs of weakness. He pointed out a descending triangle forming in ETH’s dominance chart, suggesting continued market underperformance for the altcoin. “A retest toward the upper trendline is likely, but after that, we could see another move down,” he added.
Another analyst, Rekt Capital, observed that its market dominance has fallen sharply—from 20% to 8% since June 2023. However, he also highlighted that historically, ETH has reversed from that 8% level and regained ground. He suggested the possibility of a similar recovery happening again, should market dynamics align.
Doctor Profit, sharing his perspective in a recent post, described ETH as currently undervalued. He noted that the cryptocurrency has reached a key support level at $1,800—a level he had earlier identified as a target for the recent drop. According to him, the strong correction has brought Ethereum to a historically important price zone.
Signs of Accumulation and Hope for Rebound
Doctor Profit’s analysis also pointed out that investor fear might be creating a buying opportunity. He mentioned that Ethereum’s current level could attract accumulation, and that some investors are already increasing their holdings. Data from IntoTheBlock supports this view, showing a bullish trend in the ‘Concentration’ metric, which reflects activity among large ETH holders.
Crypto analyst Astronomer echoed similar thoughts. He believes that Ethereum remains undervalued and could potentially climb back to $4,000. His outlook is supported by several technical indicators, and like others, he identified the $1,800 price range as a historically significant support that has previously led to strong price recoveries.
Adding to the optimistic outlook, Crypto Patel shared that ETH could enter a new phase of growth. He referenced the Wyckoff chart, suggesting that Ethereum might be heading into phase 3 of that model, which could push the price up to $6,800—a level that would mark a new all-time high.
Despite ongoing bearish signals and technical breakdowns, not all sentiment is negative. Some market participants see the current correction as a potential setup for a turnaround. The coming days will likely test whether Ethereum’s current support can hold—or if it gives way to further decline toward the $1,600 mark.
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