- The price of Ethereum (ETH) dropped from a 994-day support zone.
- ETH dropped to its lowest level in 465 days and a new 2025 low.
- Will the trend revert, or has Ethereum's bullish cycle ended?
- Do you want to purchase or sell Ethereum? Check out our analysis of the top exchanges for Ethereum ETH purchases and sales.
This cycle, Ethereum’s performance has been nothing short of catastrophic. The price has dropped 50% since its cycle high and was unable to set a new all-time high.
For the first time since the beginning of the bull run, ETH closed below an ascending support trend line last week.
Given that it happened in the midst of encouraging news about the inaugural White House crypto summit, this is a concerning indication that the bull market is finished.
Let’s examine the charts to determine whether this is true. Where would Ethereum fall if it does?
Ethereum's Declining Price
For the first time since the beginning of the current bull run, Ethereum fell below a long-term rising support trend line last week. The trend line had been there for 994 days, to be more precise.
When such long-term formations break down, it usually indicates that the underlying trend is over and a new one has begun in the opposite direction.
The price of ETH dropped to a new yearly low of $1,989, the lowest level since November 2023, and closed below the $2,300 horizontal area for the first time in 2025, further reinforcing the pessimistic picture.
The market action is bearish as a result of the Ethereum collapse, indicating that the cycle is over.
Last but not least, technical signs are likewise negative. Both the Moving Average Convergence/Divergence (MACD) and the Relative Strength Index (RSI) are declining and entering bearish territory at 0 and 50, respectively.
The next nearest support level, which hasn’t been reached since the beginning of 2023, will be at $1,200 if the bearish trend persists.
In 2025, Ethereum
ETH’s long-term wave count is incredibly pessimistic. The count indicates that between 2019 and 2021, ETH saw a five-wave rising movement. If accurate, the upward movement of the entire cycle has been a component of a corrective wave X in a W-X-Y structure.
It is more likely that this is the right count because the movement is contained in a declining parallel channel and the price of ETH has now dropped below it.
A target of $760 is reached by giving waves W and Y the same length, which breaks below the low of the preceding cycle. It would be the lowest price since the beginning of 2021 if it were to be attained.
The correction may come to an end at this point, and there would then be a notable rising trend.
However, given a retake of the long-term trend line would also result from moving back inside the long-term channel, there would be some possibility for a relief rally.
But there is a lot of jagged action inside the channel, which suggests a correction. Regaining the channel will therefore not result in a legitimate bullish count.
A Difficult Path Ahead
For the past two years, Ethereum has underperformed significantly, and in 2025, this trend is unlikely to change.
Conversely, the recent decline below both horizontal and diagonal support may portend further declines in 2025.
FAQ
Ethereum’s price decline is attributed to breaking a 994-day support trend line, signaling a potential end to its bullish cycle. Additionally, technical indicators like the MACD and RSI are in bearish territory, further supporting the downtrend.
While it’s too early to confirm, Ethereum’s price has fallen below key support levels and a long-term rising trend line. These factors suggest a bearish outlook, but a potential relief rally could occur if ETH reclaims the trend line.
If Ethereum’s bearish trend persists, the next major support level is around $1,200. In a worst-case scenario, the price could drop as low as $760, the lowest level since early 2021
Ethereum could see short-term recoveries, especially if it re-enters the long-term parallel channel. However, the overall trend remains bearish unless ETH can reclaim key resistance levels.
Market conditions remain uncertain, and ETH is currently in a downtrend. If you’re considering buying or selling, it’s essential to analyze technical indicators and market trends. Checking top exchanges and expert analyses can help make an informed decision.
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