Ethereum remains under heavy pressure after breaking key support levels and completing a bearish chart pattern. Analysts now warn that the recent drop toward $1,550 could be only the first st
Ethereum remains under heavy pressure after breaking key support levels and completing a bearish chart pattern. Analysts now warn that the recent drop toward $1,550 could be only the first stage of a broader decline, with $1,400 and even $1,070 emerging as the next major levels to watch.
Ethereum (ETH) remains under pressure after breaking down from a bear flag pattern and failing to reclaim a key descending trendline, according to analysts at More Crypto Online. The latest price action strengthens the bearish outlook and suggests the broader correction may still have further to run.
Ethereum Daily Chart (ETH/USD). Source: More Crypto Online on X / TradingView
The chart shows ETH rejecting the yellow descending trendline, which has acted as resistance throughout the decline from the April peak. Following that rejection, price broke below the bear flag structure and continued lower, reinforcing the view that the larger B-wave rally has already completed.
According to the preferred Elliott Wave count, Ethereum is currently progressing through a larger C-wave decline. The chart highlights the next major support area between $1,550 and $1,400, with Fibonacci levels near $1,554 and $1,599 already attracting market attention. These levels could serve as potential reaction zones if selling pressure continues.
While the broader trend remains bearish, the analysis notes that sharp declines are often followed by corrective rebounds. As a result, a temporary bounce from the support region cannot be ruled out. However, any recovery would likely remain corrective unless ETH can reclaim the descending yellow trendline and invalidate the current bearish structure.
From a technical perspective, the trend remains negative as long as price stays below trendline resistance. The repeated rejections from that level continue to favor lower prices and keep the focus on the highlighted support zones.
Ethereum (ETH) has reached the first downside target identified by analyst Ali Charts after falling to the $1,560 region. The move came as ETH extended its decline below several key support levels, increasing focus on lower long-term support zones.
Ethereum Weekly Chart (ETH/USD). Source: Ali Charts on X
The weekly chart shows ETH trading near $1,549 after breaking below the major $2,282 support level. This area had previously acted as an important pivot zone, but sellers regained control and pushed price toward the analyst's first target around $1,560.
According to the chart, the next major support level sits near $1,069. This area marked a significant low during the previous market cycle and now represents the next downside target if bearish momentum continues.
The broader structure also shows ETH moving away from the resistance zones at $3,335 and $4,868. Multiple attempts to establish a sustained recovery failed, resulting in a series of lower highs and lower lows on the weekly timeframe.
From a technical perspective, the loss of $2,282 shifted focus toward deeper support levels. As long as ETH remains below that former support area, the chart continues to favor downside pressure and keeps the $1,069 region in focus.
