Ethereum is trading under persistent pressure, hovering near $1,587, as multiple analysts weigh the possibility of one final leg down before a deeper macro reversal takes shape. ETH has lost its monthly support near $1,790, and a failure to reclaim that area could cement a lower high-timeframe structure. With eight of the past ten monthly candles closing in the red, sustained selling remains evident.
According to trader Jesse Olson, ETH is on track to print a lower low on the monthly chart. The next key support sits around $1,066, followed by deeper zones near $600 and $114. A move back above $1,790 would offer the first real sign of recovery, but until then, the bearish structure holds sway.
Fellow analyst Hov highlights the $1,400 area as a critical zone for a potential macro reversal. He notes that a drop into the $1,200–$1,400 support confluence could complete the correction if bullish divergences on momentum indicators remain intact—a signal that selling pressure is waning. Should ETH stabilize there and react strongly, the stage could be set for a recovery toward new all-time highs. However, the scenario is conditional; a weaker reaction could delay any bullish breakout.
On the daily chart, ETH remains inside a descending channel below the 100-day and 200-day moving averages. The $1.5K support zone ($1,450–$1,550) has attracted buying interest, preventing further decline. The first upside resistance stands at $1,850, with sellers expected to defend the $2,000–$2,200 supply zone. The 4-hour chart shows a break above a short-term descending trendline, improving the immediate structure, but ETH must still clear the $1,750 horizontal resistance for a larger relief rally. A loss of the $1.5K floor would invalidate the breakout and hand momentum back to sellers.
Institutional demand remains a concern. The Coinbase Premium Index has stayed mostly negative and recently deepened, indicating ETH is trading at a discount on Coinbase relative to other exchanges. This points to subdued buying from U.S.-based institutional and large-scale investors, historically key drivers of sustained recoveries. A persistent negative reading reduces the likelihood of a strong bullish reversal, and a sustained flip above zero would be an early sign of renewed large-buyer interest.
