Ethereum has experienced a decline in price over the last 24 hours, dropping below $3,000 and losing about 6.8% during this period.
While there is potential for Ethereum to reclaim the $3,000 support in the short term, a broader technical analysis suggests that the current downtrend may be part of a larger price pattern. According to crypto analyst Dona, Ethereum’s behavior over the past two years indicates a possible bottom at $2,187.
Analyzing Ethereum’s Two-Year Price Range
The analysis reveals that Ethereum has been trading within a defined range for nearly two years, with occasional deviations above or below the range. The price has consistently respected upper and lower boundaries, indicating strong support at around $2,100 and resistance at $4,000 to $4,100.
This price structure resembles an inverse head and shoulders pattern on a macro scale, reflecting Ethereum’s oscillation between established trendlines. The recent bearish move could be seen as a rotation within the long-standing range rather than a breakdown.
Examining the $2,187 Support Level
The analysis highlights $2,187 as a critical support level, which has historically acted as a bounce floor during previous downtrends. If Ethereum remains below the mid-range support at $3,000, it could trend towards this lower boundary, potentially reaching $2,187.
While this would represent a significant decline from the current price of $2,928, it may not invalidate the overall price structure. Instead, it could signify another cycle within the established range, similar to past declines that eventually led to a rebound.
Looking ahead, Dona anticipates subdued activity in the near term, with liquidity thinning towards the end of the year. Directional trading may be less attractive, and a major price movement is more likely to occur in January 2026.
Featured image from Freepik, chart from Tradingview.com