Ethereum has been underwhelming for many investors this cycle, especially those who believed it would soar to new records alongside Bitcoin’s push toward six figures.
Instead, the asset has reversed sharply, retracing back to price levels not seen in years. And despite already suffering significant losses, some market watchers warn the worst may still lie ahead.
One market analyst, posting under the name TradeNation on TradingView, pointed to the $1,724 zone as a critical pressure point. This price level, now acting as a key resistance after recent declines, is seen as a potential battleground. If Ethereum can reclaim and hold it, there’s a shot at recovery—with possible upward targets at $1,840 and $1,926.
But if buyers can’t hold that line, bears are expected to press further, dragging the price down to $1,409 or even lower. A complete breakdown could open the door to deeper losses, with $1,350 and $1,265 flagged as possible long-term floors.
So far, momentum favors the downside. Market sentiment around Ethereum has deteriorated faster than the broader crypto sector. Its lack of bullish follow-through has made it a prime target for skepticism. Continued weakness could easily trigger more liquidations and panic selling.
On-chain indicators back up this gloomy outlook. Activity on the Ethereum network is dwindling, with gas fees now sitting at levels not seen since 2020. Meanwhile, some of the largest ETH holders have started unloading their positions—over 143,000 ETH reportedly moved in just a week. With falling network usage and increasing sell pressure from whales, Ethereum’s downtrend may still have room to run.
