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The Ethereum triangle breakdown indicates a potential price collapse 🤔🚀💸
Currently trading near $1,818.10, technical indicators and on-chain metrics suggest the possibility of a deeper correction. According to crypto analyst Bitbull, Ethereum has broken down from a symmetrical triangle pattern, which is usually considered an indicator of strong price movements. If this breakdown continues, Ethereum could drop to $1,600 in the near term.
Bearish Breakdown: The triangle pattern indicates lower lows.
The latest chart analysis from Bit Bull indicates that Ethereum has not only fallen below the support of the symmetrical triangle but is now entering a retest phase - the period during which the price briefly visits the broken trend line before resuming its movement in the original direction.
Paul's House said: "After the collapse and retest, there is a strong possibility that Ethereum will resume its downward trend. Unless Ethereum can reclaim the $1800 level, losses are likely to continue."
This bearish situation is reinforced by declining trading volume and waning momentum, which strengthens bearish expectations. The $1800 level, widely viewed as psychological support, is now a key line in the sand.
The data on the chain confirms the network activity is weak.
Technical indicators are not the only source of concern. Chain analysis reveals that Ethereum network activity has also declined in recent months. The number of active addresses has decreased, while transaction fees and the value of Ethereum burned per transaction have also fallen, reflecting a decrease in user engagement and demand.
At the same time, the increase in Ethereum issuance post-merge may exacerbate pressure on price support levels by inflating the circulating supply. However, if the coin holds at the $1800 level, there may be potential for a short-term rise, according to analysts from De Theor monitoring the asset.
Divergent views: Standard Chartered expects its profitability to reach $4,000 by the end of the year
Despite the near-term technical weakness, not all forecasts are bleak. A analyst at Standard Chartered recently revised their expectations, indicating that the price of Ethereum could rise to $4000 by the end of 2025, pointing to macro-level adoption trends and institutional flows.
Currently, the cryptocurrency market is still tense. The total trading volume of Ethereum is about 7 billion dollars, and large movements in wallets could lead to further volatility. The recovery of Ethereum or its continued decline depends on how traders react to the support level at 1800 dollars.
As Dey There continues to track the evolving structure of the Ethereum market, traders are urged to closely monitor technical formations and on-chain signals to anticipate further market volatility.