Ethereum price seems to be experiencing a strong correction following an all-time high in its cycle, and the pattern that the cryptocurrency currently depicts seems similar to previous bottoms seen in the market. The price seems to have reached a crucial support level from which the subsequent action will dictate the trend direction.
At the time of writing, ETH is trading at $1,680.32, with a 24-hour trading volume of $22.19 billion and a market capitalization of $203.32 billion. The Ethereum price has gained 2.88% over the last 24 hours, showing a short-term rebound after recent weakness.
Source: CoinMarketCap
Ethereum Price Near Critical Support
Crypto analyst Ash Crypto observed, that there had been no other instance where the Ethereum price formation was similar to what is being seen now since ETH began trading. He also noted that the price pattern currently observed resembles that seen in June 2022, where the ETH price dropped to $880.
Source: Ash Crypto’s X Post
According to Ash Crypto, there is some kind of repetitive pattern in the past price action of Ethereum compared to the present one. This has been caused by a powerful breakout that occurred after a very large peak in the cryptocurrency’s value, thus causing a sharp price decline.
Looking at the general trend, it is clear that the highest price recorded for Ethereum was about $4,953 in August 2025. After reaching its high point, Ethereum has seen a decline of 68% from the aforementioned high point in the last ten months.
Currently, the weekly 200-day moving average of ETH is around $2,471, which is much higher than the current price of Ethereum.
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Key Levels That Could Shape Ethereum Price Direction
Ash Crypto mentioned two different possibilities for the next moves of the price of ETH. In case the cryptocurrency manages to hold itself above the level of $1,500 on a weekly chart basis, then such a configuration will look like the same one of the June 2022 cycle, where investors saw good profits during 12-18 months.
However, if Ethereum is unable to sustain itself at levels above $1,500, the crypto will fall within the range of approximately $1,000. The level between the two price levels lacks any significant structure, allowing room for a retracement to occur.
Market Activity Shows Mixed Signals
Market trading volumes have seen a 46.43% increase to reach a volume of $53.43 billion, indicating higher activity levels. In contrast, the open interest on the market has decreased marginally by 0.32% to reach $24.39 billion.
Source: Coinglass
The interest rate based on open interest stands at negative 0.0034%, which implies fairly unattractive leverage conditions. This clearly indicates that bearish sentiment remains in play, but not overwhelmingly so, and any future outcomes will be determined by how the price of Ethereum behaves at important support levels.
Source: Coinglass
Overall, the Ethereum price can now be considered to be at a key level at which it will determine whether there is a recovery period or continued negative momentum.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
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