Ethereum's price has broken below the crucial support level of $1,825, causing concern among investors. This breakdown has weakened the earlier bearish setup that predicted a rebound towards $2,070 and $2,360.
The market is now focusing on the next potential downside zones, which are around $1,600 and $1,400. If these levels fail to hold, it could lead to further price drops.
Despite this bearish sentiment, large Ethereum wallets have been accumulating the cryptocurrency in weakness. This suggests that some long-term buyers see value in Ethereum below $2,000.