Ethereum’s price fell 8% to test the critical $1,800 support level amid a broad cryptocurrency sell-off. Analyst Crypto Patel noted the asset remains within a descending channel from its all-time high, with momentum indicators showing weakness. The next major move depends on whether this support holds or breaks, with a potential downside target near $1,300.
Ethereum dropped 9% to the key $1,800 support level due to increased selling pressure across crypto markets. At the time of writing, ETH was trading at $1,853, with its market capitalization falling to $222.9 billion.
Analyst Crypto Patel explained that Ethereum has been in a descending channel since its all-time high price of $4,950. He stated, “if the price drops significantly below the $1,800 support level of the channel, then the price of ETH may be subject to further correction, possibly towards the $1,300 region.”
The asset’s momentum appears weak, with its Relative Strength Index at 36.10, remaining below the neutral 50 level. Ethereum’s price is also trading below all its significant moving averages, including the 20-day and 200-day Simple Moving Averages.
The MACD indicator remains in negative territory, though its histogram shows a slightly positive reading. A definitive positive crossover above zero would be required to signal a stronger recovery phase.
Major technical support is now clearly focused at the $1,800 price point. A failure to hold this level could trigger increased volatility and a move toward the $1,300 area, which is viewed as a potential long-term accumulation zone.
