Ethereum Price at Risk of Plummeting to $1,800 as Bearish Pennant Formed

Ethereum's price has been facing significant challenges in breaking above the $2,000 level, with repeated rejections near major resistance zones.

According to data from Coingecko, Ether traded at around $2,066 on Wednesday after spending several weeks moving sideways just above the psychological $2,000 support area.

Crypto analyst Ali Martinez warned that Ethereum still needs to reclaim its 200-week SMA near $2,500 before any sustained bullish structure can return, and also emphasized the importance of a clean move above the 50-week SMA around $3,100 to break out of the multi-year range that has capped price action since 2021.

Market pressure on Ethereum has also come from weakening activity across decentralized finance markets, with total value locked falling by nearly 55% from its August 2025 peak. Liquidity declines across layer 2 networks and derivatives positioning have weakened in recent weeks, signaling limited conviction among aggressive bullish traders.