Ethereum’s Fate Hangs in the Balance: Can It Avoid Another Crash?
ETH Stays Inside Ascending Triangle, But a Breakdown Could Trigger a Steep Decline
Ethereum’s price action remains confined within an ascending triangle, a pattern that typically signals potential for a breakout. However, crypto analyst Trend Diva has warned that ETH faces a critical moment—if it fails to hold above a key support level, further downside pressure could send it tumbling.
Ethereum’s Struggle: Holding the Line at $2,000
Despite its recent dip below $2,000, Ethereum is still moving within a well-defined ascending triangle, according to Trend Diva’s latest TradingView analysis. The pattern is characterized by a rising lower boundary that acts as dynamic support and a horizontal upper resistance zone. While this formation usually leans bullish, ETH’s recent weakness—highlighted by a head and shoulders pattern—suggests a possible trend reversal.
Ethereum’s sharp decline brought it back to the $2,000 support zone, a crucial level that coincides with a major trendline. Trend Diva emphasized that this area has historically attracted strong buying interest, supported by an uptick in trading volume. If ETH manages to stay above this threshold, a rebound towards $2,800—its previous resistance level—remains in play.
However, failure to defend this support could shift the momentum downward, with ETH potentially targeting a bearish move toward $1,414.
Could Ethereum Drop to $1,250? Analysts Weigh In
Another crypto analyst, Ali Martinez, has painted an even more concerning picture. In a post on X, Martinez suggested that Ethereum appears to be breaking out of a parallel channel, which could push prices as low as $1,250 if bearish momentum persists.
However, Ethereum whales seem determined to prevent this scenario. Martinez pointed out that in the last 48 hours, major holders have accumulated 330,000 ETH, a move that could bolster support around $2,000 and spark a potential recovery.
What’s Next for Ethereum?
At the time of writing, Ethereum is trading at $2,065, down over 5% in the last 24 hours, per CoinMarketCap data. Whether ETH stages a strong rebound or succumbs to further declines largely depends on how well it holds the $2,000 support. A break below this key level could spell trouble, but whale activity suggests that a fight to keep prices afloat is underway.
For now, all eyes remain on Ethereum’s price action—will it bounce back, or is a deeper crash inevitable?
