TLDR
- Ethereum currently trading around $1,809 after dropping below $1,800 support
- Two whales at risk of liquidation with 125,603 ETH ($229M) at price levels of $1,787 and $1,701
- Price has formed six consecutive bearish candles, pulling back nearly 12%
- Potential double bottom reversal pattern forming with neckline at $2,100 resistance
- Price could drop to $1,500 if support fails or recover toward $2,300 if reversal confirms
Ethereum, the second-largest cryptocurrency by market cap, has experienced a downward trend in recent days, breaking below the crucial $1,800 support level. The price movement has put large holders at risk of liquidation while technical analysts watch for signs of a potential reversal.
The price of Ethereum reached a 24-hour low of $1,754 before recovering slightly to $1,809. This price action follows Bitcoin’s drop to $81,000 and has created concern among investors.
ETH Price
The daily chart reveals a streak of six consecutive bearish candles. These red candles account for a pullback of nearly 12% from recent highs.
Despite the bearish momentum, some analysts see the potential for a double-bottom reversal pattern. This pattern could form as Ethereum bounces back from the $1,762 S1 pivot support level.
A bullish divergence has appeared on the daily Relative Strength Index (RSI). This technical indicator adds weight to the possibility of a double-bottom reversal forming on the charts.
For this reversal pattern to complete, Ethereum would need to break above its local resistance trendline. The pattern’s neckline sits near the $2,100 resistance level.
Whale Liquidation Looming?
Adding pressure to the market, crypto whales are facing substantial liquidation risks. According to data from LookOnChain, two large holders on Maker DAO own 125,603 ETH worth approximately $229 million.
These whale positions have liquidation prices set at $1,787 and $1,701. Should Ethereum’s price fall below these levels, forced selling could trigger an even deeper correction.
The 125,603 $ETH($229M) held by these two whales on #Maker is at risk of liquidation!
The liquidation price is $1,787.75 and $1,701.54. pic.twitter.com/xUn6iOW19B
— Lookonchain (@lookonchain) March 31, 2025
Despite short-term selling pressure, some analysts remain optimistic. Crypto analyst Jonathan Carter points to Ethereum holding the lower boundary of a descending triangle pattern.
Carter suggests that a price rejection near $1,800 could lead to a bounce. Such a move might challenge resistance levels at $1,950 and $2,080.
Ethereum is holding above the lower boundary of the descending triangle on 4H chart🔍
A bounce from current support zone could drive price towards targets at $1,950, $2,080, $2,230 and $2,320📈
If price breaks below support as it could trigger further downside movement🐻 pic.twitter.com/pWdocDm8Jw
— Jonathan Carter (@JohncyCrypto) March 30, 2025
More ambitious price targets extend to $2,230 and $2,320 if bullish momentum returns to the market. These levels would represent a reversal of the recent downtrend.
On the hourly chart, Ethereum is trading below the 100-hour Simple Moving Average. A bearish trend line has formed with resistance at $1,820, creating another hurdle for recovery attempts.
If Ethereum fails to reclaim the $1,880 resistance level, further declines could follow. The next support zones appear at $1,780, followed by $1,765 and $1,720.
A break below these supports could extend the correction phase. In this scenario, the price might test the lower boundary of the falling channel pattern near $1,500.
For bulls to regain control, Ethereum must clear several resistance levels. Breaking above $1,820 and $1,880 would be the first step toward a recovery.
Further resistance sits at $1,920 and the psychologically important $2,000 level. A successful move above these barriers could open the door to more gains in the coming sessions.
