Ethereum’s price has fallen 4% over the past 24 hours, falling to around $2,744 as selling pressure increases. Veteran trader Peter Brandt has warned that Ethereum’s decline may not be over yet.
Brandt points out a symmetrical triangle breakdown on the 24-hour Ethereum chart, a pattern he describes as a well-known bearish signal that often leads to further losses if confirmed. He said the breakdown indicates that sellers remain in control, especially in an environment of limited market liquidity and continued capital outflows.
These conditions make it harder for Ethereum to recover, as even small sell orders can drive prices down. Brandt adds that the lack of strong buying interest means the rallies are likely to be short-lived unless market conditions improve. He also places Ethereum’s weakness in a broader market context.
Brandt highlights a rectangular broadening pattern on the total cryptocurrency market cap chart. After the recent market crash, the total crypto market value has already dropped to approximately $2.82 trillion. He warns that if this pattern continues, the total market capitalization could fall to $2.41 trillion.
ETF outflows and weak sentiment add to bearish pressure
This would represent an additional 15 to 20% decline from current levels and could keep major cryptocurrencies such as Bitcoin, Ethereum and XRP under continued pressure. Ethereum’s poor technical outlook aligns with weakening sentiment in the broader crypto market. The second-largest cryptocurrency has lost more than 46% of its value in recent months, reflecting both global macro uncertainty and challenges specific to the crypto sector.
One of the biggest factors that has hurt sentiment is the steady outflow from Ethereum exchange-traded funds, suggesting that institutional investors are becoming more cautious. On Thursday alone, spot ETH ETFs recorded nearly $156 million in net outflows.
Fidelity’s FETH saw the largest withdrawals at $59.2 million, followed by BlackRock’s ETHA at $54.9 million. Grayscale’s ETHE and ETH products also saw significant outflows of $13.1 million and $26.5 million, respectively. These continued redemptions reinforce concerns that institutional demand for Ethereum remains weak in the near term.
Ethereum price breaks out below key support
Ethereum (ETH/USD) shows a clear shift in market structure over the 4-hour time frame, with bearish momentum now dominating after a decisive collapse below key support. Price action highlights a failed recovery attempt that turned into a strong bearish continuation.
Initially, ETH formed a rounded bottom pattern, signaling a gradual accumulation phase. This structure allowed the price to recover towards the upper resistance zone around the $3,300-$3,350 region, which had previously acted as a strong supply area. However, repeated rejections from this resistance zone indicated a weak bullish continuation, indicating that the sellers remain firmly in control.
Following the rejection, ETH broke below the key support level of $2,950-$3,000, which had acted as a demand zone during previous consolidation. This collapse is of great technical importance, as previous support has now turned to resistance. The move was impulsive and confirmed a bearish breakout rather than a false move or liquidity clearing.
ETHUSD Chart Analysis. Source: Tradingview
Momentum indicators reinforce the bearish bias. The RSI (14) has fallen to the lower range and is hovering near the oversold area, but is not showing any bullish divergence. This suggests that selling pressure remains active, and that a near-term recovery could be corrective rather than trend reversal. The RSI’s failure to reclaim the 50 center line further confirms bearish control.
Structurally, ETH is now forming lower highs and lower lows, a classic downtrend signal on the 4-hour chart. The bearish candlestick expansion after the support break also indicates strong selling participation rather than weak retail-driven moves.
Looking ahead, the next key area to watch is around the $2,650-$2,700 region, which could act as a temporary demand zone or break zone. If this level is not sustained, downside risk could extend into deeper liquidity zones. On the upside, any recovery attempts are likely to encounter resistance near the broken support band of $2,950-$3,000.
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