Ethereum (ETH) has experienced a significant price decline, falling below the critical $3,500–$3,600 support zone to test the $2,300 level. This represents a nearly 40% drop from recent highs, confirming a bearish market structure shift according to analyst Crypto Patel. While long-term cycle forecasts still project targets between $10,000 and $20,000, current technical indicators and a large $24.3 million ETH transfer to Binance have heightened near-term investor uncertainty.
Ethereum extended its downside move, sliding to the $2,300 level and confirming a decisive bearish breakdown after losing the critical $3,500–$3,600 support zone. According to the crypto analyst Crypto Patel, this decline represents a nearly 40% drop from recent highs and marks a clear shift in Ethereum’s market structure.
Crypto Patel had previously stated that a move below the $3,500 price range may lead to further price declines. The $2,200 zone is now considered an initial area of accumulation, while the $1,850 to $1,550 zone is seen as stronger long-term support based on historical price action.
According to TradingView data, ETH has continued its bearish weekly trend following rejection from the $4,000-$4,800 resistance zone. The loss of the $2,450-$2,500 support area has damaged ETH’s long-term price structure, indicating increased downside risk.
Momentum indicators continue to support the bearish view, with the Relative Strength Index in the mid-30s signaling selling pressure. On-chain data from Lookonchain revealed that Trend Research deposited 10,000 ETH worth $24.3 million into Binance, a move that often sparks market interest regarding potential selling intentions.
Trend Research holds substantial positions, having accumulated approximately 651,310 ETH worth an estimated $1.56 billion. Despite the current bearish pressure, cycle-focused investors maintain long-term upside projections ranging between $10,000 and $20,000 for future market cycles.
