Ethereum is once again under pressure, currently trading near $1,818.10. Technical and on-chain indicators suggest a deeper correction may be forming.
Ethereum Price Issues
Analyst Bit Bull reports that Ethereum has broken down from a symmetrical triangle, often seen as a precursor to strong price movements. If this breakdown holds, ETH could fall as low as $1,600 in the near term.
Decline in Network Activity
On-chain data also confirms a decline in Ethereum's network activity. The number of active addresses has decreased, while both transaction fees and ETH burned per transaction are falling, reflecting reduced user engagement.
Conflicting Future Predictions
Despite current negative trends, an analyst at Standard Chartered has revised forecasts, stating that Ethereum could rally to $4,000 by the end of 2025, citing macro-level adoption trends and institutional inflows.
Thus, the situation in the Ethereum market remains uncertain, with support at the $1,800 level being critical for traders' further actions.
