- ETH breaks down, eyes $1,150 as next target
- Weak activity and low volume drive bearish trend
- ETH dominance drops to 8%, signals market shift
Ethereum has broken below a multi-year symmetrical triangle pattern, confirming a bearish breakout after months of consolidation. The asset has failed to hold above $1,820, leading traders to shift their focus toward lower levels. Analysts say Ethereum may now be eyeing $1,150 as the next potential target. The recent technical breakdown, combined with declining market confidence, has placed ETH under strong selling pressure.
Technical Breakdown Signals Continued Weakness
Ethereum’s market pattern shifted after breaking through the lower border of its symmetrical triangular formation that persisted throughout several months. The pattern often indicates a continuation of the prevailing trend, and in this case, the breakout points to a bearish move. ETH has struggled to stay above $1,800 and is currently trading near $1,808, according to CoinMarketCap.
Analyst Bit Bull explained, “The breakdown below $1,820 confirmed bearish sentiment, especially after the failed retest attempt.” Trading volume has remained low since the move, showing a lack of strong buying interest. The loss of the $1,820 level has opened the path toward $1,600, while continued weakness could pull Ethereum closer to $1,150.
Market participants are watching support near $1,750 and resistance at $1,930. A rejection from the upper range may add more downside pressure. ETH has also failed to reclaim its previous 15-month range and remains within a bearish structure that has pushed the asset to four straight months of losses.
On-Chain Data and Market Dominance Trends
Ethereum’s bearish outlook is also confirmed by on-chain data. There has been a drop in the number of active addresses, which suggests reduced user activity on the network.
Network participation has declined, and trading interest remains muted, weakening any possible recovery attempt in the short term.Ethereum’s dominance in the crypto market has dropped to 8%, down from 20% since June 2023.
This loss of dominance could cause capital to flow into other assets. Unless Ethereum regains market share and demand increases, analysts believe price may continue toward the next zone near $1,150.
