- Ethereum price fell to $1,558 after breaking key support levels.
- Analysts identify $1,550 to $1,400 as a major support zone.
- The $1,069 level remains a downside target if weakness persists.
Ethereum price remains under heavy pressure after losing major support levels and extending its recent decline. At press time, Ethereum price traded at $1,558.78, down 6.93% over the past 24 hours. The latest move comes as analyst Crypto Tony noted that ETH has wicked into its recent lows, but he remains patient and is waiting for stronger confirmation before entering a position.
Ethereum Price Struggles After Bear Flag Breakdown
Ethereum price recently broke down from a bear flag pattern, reinforcing a bearish technical outlook. Analysts at More Crypto Online noted that ETH failed to reclaim a descending trendline that has acted as resistance throughout the decline.
Following that rejection, Ethereum price continued moving lower. The chart suggests the broader corrective structure remains active, with the market progressing through a larger C-wave decline.
Technical analysts identified the $1,550 to $1,400 area as the next major support zone. Fibonacci levels near $1,554 and $1,599 have already attracted attention as potential reaction points.
Although sharp declines can trigger temporary rebounds, analysts stress that any recovery would likely remain corrective unless Ethereum price reclaims trendline resistance and forms a stronger bullish structure.
Ethereum Price Faces Risk of Deeper Decline Toward $1,070
Ethereum price has already reached one downside target highlighted by analyst Ali Charts. The move followed a breakdown below the major $2,282 support level, which had previously served as a key market pivot.
With that level lost, attention has shifted toward lower support zones. According to the weekly chart analysis, the next major target sits near $1,069 if bearish momentum continues.
The broader structure continues to show lower highs and lower lows. Multiple recovery attempts failed over recent months, allowing sellers to maintain control of the trend.
Crypto Tony’s cautious stance reflects this environment. Rather than attempting to catch a bottom, the analyst is waiting for clear signs of stability and trend improvement.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.
