Ethereum is once again under pressure, currently trading near $1,818.10, as technical and on-chain indicators suggest a deeper correction may be forming. According to crypto analyst Bit Bull, ETH has broken down from a symmetrical triangle pattern—often considered a precursor to strong price movements. If the breakdown holds, ETH could fall as low as $1,600 in the near term.
Bearish Breakdown: Triangle Pattern Points to Lower Lows
Bit Bull’s latest chart analysis indicates that Ethereum has not only fallen below its symmetrical triangle support, but is now entering a retest phase—a period when price briefly revisits the broken trendline before resuming its move in the original direction.
“Following the breakdown and retest, there’s a strong probability Ethereum will resume its downward trend,” said Bit Bull. “Unless ETH can reclaim the $1,800 zone, more losses are likely.”
This bearish setup is further reinforced by declining trading volume and waning momentum, adding weight to the bearish outlook. The $1,800 level, widely seen as a psychological support, has now become a key line in the sand.
On-Chain Data Confirms Weakening Network Activity
Technical indicators aren’t the only source of concern. On-chain analytics reveal that Ethereum’s network activity has also declined over recent months. The number of active addresses has dropped, while both transaction fees and ETH burned per transaction are falling—reflecting reduced user engagement and demand.
Simultaneously, ETH’s post-Merge issuance increase may further strain price support levels by inflating the circulating supply. Still, if $1,800 holds, there may be short-term upside potential, according to Dey There analysts following the asset.
Contrasting Views: Standard Chartered Sees $4,000 by Year-End
Despite near-term technical weakness, not all forecasts are gloomy. An analyst at Standard Chartered recently revised their outlook, stating Ethereum could rally to $4,000 by the end of 2025, citing macro-level adoption trends and institutional inflows.
For now, however, the crypto market remains on edge. Ethereum’s total trading volume is hovering around $7 billion, and large wallet movements could trigger more volatility. Whether ETH rebounds or continues downward may depend on how traders react to the $1,800 support level.
As Dey There continues to track Ethereum’s evolving market structure, traders are urged to closely monitor technical formations and on-chain signals to anticipate further market swings.
Source:
Bit Bull Analysis – Symmetrical Triangle Breakdown Commentary
IntoTheBlock – Ethereum On-Chain Activity Data
https://www.intotheblock.comGlassnode – Network Metrics and Transaction Trends
https://glassnode.com
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