TLDR
- ETH dropped nearly 13% in one week, breaking below key support at $1,925
- $1.35 billion in long positions were liquidated across the crypto market in a single day
- ETH now trades below all major daily EMAs, with resistance stacking above $2,000
- Bears are targeting the $1,550–$1,600 demand zone if ETH can’t reclaim $2,000
- Analyst Trader Tardigrade says a final dip is setting up before the next leg higher
Ethereum has had a rough week. The second-largest crypto by market cap has shed around 13% in seven days, falling to around $1,924 on major exchanges. The daily candles show a clear breakdown from a multi-week consolidation structure that had been holding since February.
The catalyst for the sharp drop appears to be a wave of long liquidations. According to data from CoinGlass, $1.35 billion worth of long positions were wiped out in a single day across the broader crypto market. That kind of forced selling adds pressure fast.
Ethereum ETF flows have also turned negative. Investors have pulled more than $600 million from Ethereum ETFs over 12 consecutive days of outflows. That sustained selling from institutional vehicles reflects a broader shift in sentiment.
The Crypto Fear and Greed Index sits at 26, near “Extreme Fear” territory.
Technical Breakdown Points Lower
ETH has now broken below its 20-day, 50-day, 100-day, and 200-day exponential moving averages. That’s a full sweep of major resistance overhead.
The 20-day EMA sits near $2,084. The 50-day is around $2,163. The 100-day is near $2,255. Any bounce from current levels runs into layers of resistance before ETH can reclaim ground.
The MACD remains below its signal line with a negative histogram. That tells traders that downward momentum has not faded yet. A bullish crossover would be needed to change that picture.
Bears are now pointing to the $1,550–$1,600 zone as the next major target. That area was the accumulation zone from April 2025 and aligns with the February 2026 low.
Trader Tardigrade, a well-followed crypto analyst on X, posted that ETH is setting up for its “final dip” before a major move higher. He noted the pattern is “repeating perfectly” and that the current structure mirrors previous setups that preceded explosive rallies.
https://twittercom/TATrader_Alan/status/2061818778091233687?s=20
Weekly RSI Supports a Buy at $1,800
On the weekly chart, analysts at FX Empire are watching the RSI closely. Every time it has dipped below 30 in the last eight years, Ethereum has formed a cycle bottom. That level has never resulted in a lower low.
Their target for a potential retest sits at $1,800. If that level holds, their long-term price target is $5,400–$6,000 based on prior cycle performance.
For now, $2,000 remains the first key level bulls need to reclaim. Failure to hold above $1,925 keeps the door open for a move toward $1,600.
