Ethereum Breaks Down From Key Pattern, Opening a Path Toward 28% Crash
Ethereum has broken down from a bear flag pattern, aligning with an on-chain signal suggesting a potential 28% crash toward $2,140.Summary
Ethereum's price has recently dropped over 6% in 24 hours and 27% in the last month, following a breakdown from a major bear flag continuation pattern. This technical breakdown projects a measured target of around $2,140, which is nearly 28% below the breakdown level.
This technical projection aligns with a long-term on-chain metric, the Long-Term Holder (LTH) NUPL, which is trending down. If NUPL retests its six-month low of 0.28 (seen when ETH traded near $2,230 before a 116% rally), the implied price drawdown from the recent local high near $2,990 is in the 20-25% range, confirming the $2,140 target.
Currently, ETH sits below its strongest cost-basis support wall between $2,801 and $2,823. If ETH fails to reclaim $2,840 and then $2,990, further declines are expected through levels like $2,690 and $2,560, making the $2,260–$2,140 region the most probable area for the next cycle bottom, unless ETH decisively breaks above $3,240.
(Source：BeInCrypto)