Ethereum’s price has now found itself stuck below $2,000 in the past seven days, and it looks like it will continue here into the next few days with little sign of a significant recovery. The second-largest cryptocurrency by market capitalization has struggled under downward pressure since early March, with sellers dominating the wider crypto market. 

Interestingly, recent technical analysis using Elliott Wave theory suggests that bearish dominance will continue for Ethereum into the foreseeable future. The analysis, posted on TradingView, highlights the formation of an ABC correction pattern, which could dictate Ethereum’s next major move.

Ethereum’s Price Structure Points To Extended Correction

According to a crypto analyst known as behdark on the TradingView platform, Ethereum’s recent pivot formations, momentum shifts, and wave degrees all indicate an ongoing correction. This interesting outlook is based on the analyst’s count of Elliott Wave, which shows Ethereum appears to be forming an ABC correction pattern. 

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This ABC correction pattern has been playing out since November 2021 and has spanned the last three and half years. The ABC corrective trend is a three-wave pattern in the Elliott Wave Theory of major correction. Wave A represents the initial decline, wave B is a temporary retracement or countertrend move, and wave C is the final downward leg, often extending beyond wave A.

It would seem wave B, the second wave in the correction pattern, is now completed or nearing completion after Ethereum broke below a trendline around $2,500 in late February. This means that wave C is set to play out, which is going to extend the current bearish trend. The analyst noted that wave C should be a little bit longer in duration than wave A, hinting at a drawn-out decline to a big demand zone between $760 and $530.

Two Demand Zones Identified For ETH

The analyst outlined two possible market bottoms for Ethereum, referred to as “Demand 1” and “Demand 2.” The first demand zone is between $1,350 and $1,080, and this is where Ethereum might see some buying pressure that will help put an end to the continuation of wave C.

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However, if the first demand zone fails to hold, the Ethereum price may experience an even deeper correction before finding stability. The next zone of stability, in this case, is between $760 and $530. A move to this level will no doubt send the sentiment surrounding Ethereum to an all-time low. However, it can also provide an opportunity for bullish traders to accumulate, as the next move after this zone is the beginning of the next five impulse waves. 

Deviating from the negative outlook, the analyst pointed out an invalidation level at $2,941. If Ethereum manages to close a daily candle above this level, the bearish scenario would be nullified. 

At the time of writing, Ethereum is trading at $1,930. Given the current structure of price action, the likelihood of Ethereum breaking above $2,941 in the short term appears slim.

Featured image from Unsplash, chart from Tradingview.com

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On-chain data shows the Ethereum MVRV Ratio has seen a notable decline recently. Here’s what this could mean for the price, according to history.

Ethereum MVRV Ratio Has Fallen To A Relatively Low Level Recently

In a new post on X, the market intelligence platform IntoTheBlock has discussed about the latest trend in the Market Value to Realized Value (MVRV) Ratio of Ethereum. The MVRV Ratio refers to an on-chain metric that measures the ratio between the market cap and realized cap of ETH.

In short, what this indicator tells us is how the value held by the investors as a whole compares against the investment that they initially made to purchase their coins.

When the MVRV Ratio is greater than 1, it means the average holder can be assumed to be carrying a net unrealized profit. On the other hand, the metric being under the cutoff suggests the overall market is underwater.

Now, here is the chart for the indicator shared by the analytics firm, that shows the trend in its value for Ethereum over the past decade:

The value of the metric appears to have been sliding down in recent days | Source: IntoTheBlock on X

As is visible in the above graph, the Ethereum MVRV Ratio has gone down recently and crossed below the 1 mark, implying the ETH investors are now in net loss. The reason behind this shift in the market naturally lies in the price crash that the cryptocurrency has faced as part of a sector-wide downturn.

At present, the ETH MVRV Ratio has a value of 0.9. IntoTheBlock has noted that the indicator doesn’t attain this level often, with generally only the bear markets being able to force it this low.

An interesting pattern emerges when looking at the past price trajectory that followed periods of the indicator sitting at such lows. “Historically, MVRV ratios below 1 have coincided with favorable entry points for ETH,” says the analytics firm.

Something to note, however, is that while the MVRV Ratio falling into this zone has indeed proven to be bullish for Ethereum, the effect doesn’t tend to be immediate, with the cryptocurrency usually having to stay for extended periods in the region before a rebound occurs.

In some other news, IntoTheBlock has pointed out in another X post how a major on-chain support block exists for ETH between the $1,843 and $1,900 levels.

The cost basis distribution across the various price levels | Source: IntoTheBlock on X

In on-chain analysis, the strength of any support level is measured on the basis of how much of the supply was last purchased by investors at it. The aforementioned price range is particularly dense in terms of supply, as 3.56 million tokens of the asset were bought by 4.64 million addresses inside it.

“This accumulation suggests robust support, but if ETH slips below this range, the risk of capitulation grows, as demand appears notably weaker beyond this level,” says the analytics firm.

ETH Price

Ethereum is currently retesting the on-chain support zone as its price is trading around $1,877.

Looks like the price of the coin has gone stale recently | Source: ETHUSDT on TradingView

Featured image from Dall-E, IntoTheBlock.com, chart from TradingView.com

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Ethereum (ETH) has officially lost the $2,000 mark, plunging to its lowest levels since October 2023 as selling pressure intensifies. The price recently dropped as low as $1,750, marking a dramatic decline from its December 2024 high of $4,100. This 57% crash has created a difficult environment for bulls, with Ethereum struggling to find support amid broader market weakness.

The crypto market downturn has left ETH vulnerable, with investors concerned about further downside risks. With macroeconomic uncertainty and bearish sentiment dominating, Ethereum remains in a fragile position, failing to reclaim key resistance levels.

On-chain data from CryptoQuant reveals that Ethereum whales holding 1,000–10,000 ETH are now officially holding at a loss for the first time since 2023. Large holders are seeing unrealized losses, which could impact market sentiment and future price action.

With ETH at a critical juncture, traders are closely watching whether it can stabilize and recover or if selling pressure will continue to drive prices lower. The next few weeks will be crucial for Ethereum’s long-term trend.

Ethereum Struggles Below Multi-Year Support as Market Weakness Continues

Ethereum (ETH) is currently trading below a multi-year support level, which has now turned into a strong resistance zone. As ETH fails to reclaim the $1,900–$2,000 level, bulls are losing momentum, and bearish sentiment continues to dominate the market. With Ethereum unable to find stability, investors remain on edge, unsure whether further downside is ahead.

The broader market breakdown has been driven by rising global trade war fears and uncertainty surrounding U.S. President Trump’s policies. Since the U.S. elections in November 2024, macroeconomic instability and volatility have shaken both the crypto and stock markets. These uncertain conditions have pushed the U.S. stock market to its lowest levels since September 2024, further intensifying the risk-off sentiment. As a result, Ethereum and other major cryptocurrencies have struggled to find strong demand, prolonging the current downtrend.

Top analyst Quinten Francois shared the ETH Whales Unrealized Profit Ratio, revealing that Ethereum whales holding 1,000–10,000 ETH are officially underwater. This suggests that even large holders are experiencing unrealized losses, potentially increasing sell pressure if market conditions fail to improve. Historically, when whales go underwater, the market tends to enter a prolonged period of uncertainty and consolidation. Whale capitulation or accumulation at these levels has significantly affected Ethereum’s price cycles.

With ETH below key levels and the market sentiment deeply bearish, the next few weeks will be crucial in determining whether Ethereum can stabilize and reclaim lost ground or if a continued breakdown is inevitable. Bulls need to regain strength quickly, or ETH could be heading for deeper losses.

ETH Struggles to Reclaim $2,000

Ethereum (ETH) is currently trading at $1,910, following massive selling pressure triggered by its loss of the critical $2,000 support level. The break below this key psychological zone has intensified bearish sentiment, leading to increased volatility and a weaker market structure.

Bulls are now attempting to reclaim the $2,000 mark as quickly as possible to stop the selling pressure and stabilize price action. A successful push above this level would signal a potential recovery phase, reducing the risk of further downside. However, ETH remains below key technical levels, and if it fails to hold current support and reclaim $2,000, the market is likely to see a continuation of the downtrend.

Despite the recent decline, analysts suggest that Ethereum could experience a sharp recovery once it sets a local low. Historically, ETH has seen strong rebounds following major sell-offs, and if bulls manage to push the price back above resistance zones, a move toward higher levels could unfold quickly. The next few trading sessions will determine whether ETH can regain strength or if the downtrend will deepen further.

Featured image from Dall-E, chart from TradingView