Upward Momentum Completely Fades! Will Ethereum’s Prolonged Slump Continue?

▲ Ethereum (ETH) ©

As investor sentiment in the virtual asset market freezes over, Ethereum (ETH) has fallen into a seemingly endless downward spiral and is precariously tightrope-walking at the end of a major symmetrical triangle consolidation pattern. A chilling warning has emerged that if key support levels collapse, the price could plunge vertically to $1,781, heightening market tension.

According to crypto media outlet Bitcoinist on February 23 (local time), Ethereum, which has struggled in recent months in tandem with Bitcoin’s decline, is hovering precariously below the $2,000 level amid intense selling pressure from investors. With early market exit predictions proving accurate, experts foresee additional price pullbacks as inevitable until a clear bottom is confirmed.

Prominent crypto analyst MelikaTrader stated on TradingView that Ethereum is undergoing price consolidation within a massive symmetrical triangle pattern and could soon face another large-scale crash. In particular, with upward momentum firmly blocked near $1,977, control of the market has effectively shifted to the bears.

Ethereum is now rapidly approaching the apex of the triangle pattern where two major trendlines converge. While standing at a critical crossroads that will determine its next direction, technical indicators show a strong bearish bias. The analyst advises traders to refrain from premature entries and to wait for a downside breakout below the triangle’s lower support line.

The key breakout level targeted by bears and the primary breakdown threshold stands at $1,912. If this lower support collapses, a wave of selling could drive a steep fall toward $1,781, the next support level and the ultimate downside target of the triangle breakdown. MelikaTrader added that if the lower boundary is breached, a swift move toward the $1,780 range is likely, urging patience until confirmation is achieved.

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