With the ongoing bearish trend, Ethereum is under immense pressure, facing weeks of persistent selling and unimpressive price performance. Since the start of the year, the bulls have been unsuccessful in taking the reins back, leading to a continuous depreciation of ETH in a market heavily influenced by fear and uncertainty. Without any visible signs of a trend reversal, Ethereum investors with long positions may be in for more discomfort in the upcoming weeks.
The global financial landscape continues to be unstable due to escalating trade wars and geopolitical tensions. This volatile macroeconomic environment is pushing investors away from high-risk assets such as cryptocurrencies, and Ethereum is suffering significantly. The dip in price mirrors not only the technical failures but also a wider loss of faith in a short-term recovery.
Noted analyst Big Cheds recently provided a technical analysis showing Ethereum trading at $1,840, a massive fall from its earlier peak of $3,400 this year. Cheds’ analysis confirms the continuity of the current downtrend, with ETH now shifting into lower demand zones that may offer slight support. Unless the bulls make a strong comeback, Ethereum’s future continues to look bleak, with the market keeping a close eye on the $1,800 level.
Ethereum’s position is critical as it continues to lose key support levels due to increasing selling pressure. After momentarily reclaiming the $2,000 mark recently, ETH has once again dipped below this significant threshold, amplifying bearish sentiments and putting the bulls on the back foot. With each unsuccessful recovery attempt, investor confidence is dwindling, and analysts are predicting a deeper correction in the coming weeks.
ETH’s fall from its local high of $3,400 to the current $1,840 is severe, according to Cheds. If the downward trend continues, the next key accumulation zone could be between $1,200 and $1,300 — a range that has previously acted as a strong base during earlier cycles. If Ethereum dips to this zone, it may indicate a major structural breakdown and test the faith of long-term investors. As of now, the bulls must strive to defend the $1,800 level and attempt to recover lost ground.
Ethereum is currently trading at $1,840, continuing to display weakness after failing to reclaim the 4-hour 200 moving average (MA) and exponential moving average (EMA), both hovering around the $2,100 level. Until Ethereum can break back above these key technical levels, any attempt at a sustained recovery is likely to be short-lived.
A successful reclaim of the 200 MA and EMA could trigger a significant upside move, signalling a shift in short-term market structure and possibly igniting renewed buying interest. However, before that happens, the bulls must concentrate on reclaiming the psychological $2,000 level — a major price zone that has repeatedly defined the battle between buyers and sellers.
