Ethereum Price Faces Downside Before Potential Cycle Top

Ethereum's price is currently sitting at a critical juncture, with technical analysis suggesting that it could face more downside pressure before any larger recovery takes shape. According to two separate charts, ETH may need to reclaim higher resistance levels around $2,400 and $2,624 before showing stronger signs of recovery.

The first chart, provided by Ted Pillows, shows that Ethereum is currently sitting on a key support zone around $2,150 to $2,200. If this area holds, it could pave the way for a short-term move higher. However, if ETH loses this support zone, bearish pressure could return quickly, potentially pushing the price towards $2,000 or even revisit the lower demand area near $1,775.

Meanwhile, an Elliott Wave map provided by Crypto Patel points to a potential cycle top between $15,000 and $20,000. This long-term view is based on a five-wave impulse from the 2015 lows and ends with the 2021 peak. According to this analysis, Ethereum entered a multi-year corrective phase in 2021, which is still ongoing. Once this correction is complete, ETH could begin a new multi-year advance between 2026 and 2029.