Ethereum Price Under Pressure as Key Support Levels Threatened

Ethereum's price is facing significant challenges as key support levels are threatened by bearish chart signals. The cryptocurrency has already fallen over 17% from its monthly high, with spot Ethereum ETFs recording significant outflows of around $300 million.

The warning signs for Ethereum include a daily Supertrend setup flagged by analyst Leshka.eth, which suggests that the price could drop towards $1,200 if support at $1,990 fails. This setup has mirrored two earlier bullish Supertrend flips that failed in October 2025 and January 2026, resulting in sharp declines of 45% and 48%, respectively.

Additionally, Ethereum's wallet data shows weak conviction among holders, with major wallets showing flat to slightly negative levels. This suggests ongoing distribution across key cohorts, which could lead to further price drops.