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Ethereum’s price may sink to $1,600 soon, according to recent market predictions. The second-largest cryptocurrency by market cap has been struggling below the $2,000 mark for weeks. Technical patterns and on-chain data both point to further declines ahead, based on multiple analyst reports.
Triangle Pattern Break Signals Trouble Ahead
Bit Bull, a cryptocurrency expert, noted recently on X that Ethereum extricated itself from a symmetrical triangle after it retreated below $1,820. A breakdown of this nature usually translates into a bearish sentiment in the markets, which often means continuing downward price action.
$ETH Update:
SHORT
Price: 1813
(Enter on entry price)ETH (1H Time Frame):
Ethereum has broken down from a symmetrical triangle, which is generally a neutral pattern. However, after the breakdown and a retest, ETH is now looking bearish. Technically, there’s a strong… pic.twitter.com/NKpP8HiGgA— Bit Bull (@bitbull112) April 5, 2025
According to market observers, the drop below this key pattern has opened up the asset for potential new short positions. The low trading volume following the breakdown and its retest is raising concerns about a potentially strong correction coming up soon.
ETH Dominance Chart Shows Concerning Pattern
Beyond the immediate price action, ETH’s market dominance is also showing warning signs. According to Bit Bull’s analysis, the ETH dominance chart has formed a descending triangle pattern, which typically signals bearish momentum.
“A retest toward the upper trendline is likely, but after that, we could see another move down,” Bit Bull added in his market commentary.
This weakening dominance implies that investors might be losing faith in Ethereum over other cryptocurrencies, adding further selling pressure in the weeks ahead.
On-Chain Data Validates Negative Trend
The bearish argument isn’t only in chart structures. On-chain statistics also reveal a negative outlook for Ethereum’s near-term prospects. Active Ethereum addresses have declined drastically in the last few months, aligning with the price fall.
Other red flags are the significant drop in Ethereum fees burned and a reduction in fees burned per transaction. Most troubling to long-term holders is probably the rise in ETH supply following the Merge event, which was initially anticipated to introduce deflationary pressure.
Some Analysts Still See Long-Term Upside
Even with the pessimistic short-term forecast, not all analysts have given up on Ethereum’s performance this year. Standard Chartered has insisted that Ethereum will hit $4,000 by the end of the year, although that is a 60% drop from their previous more optimistic $10,000 target.
As of the latest available data, Ethereum is priced at about $1,803, with a less than 1% variation in the last day. The weekly charts indicate a similar slight drop of about 1%, indicating the cryptocurrency might be building a consolidation base despite the bearish signals.
Featured image from Gemini Imagen, chart from TradingView
They say journalists never truly clock out. But for Christian, that’s not just a metaphor, it’s a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.
Christian’s journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).
Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling – right up his alley!
So, he landed a killer gig at NewsBTC, where he’s one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).
Think Christian’s all work and no play? Not a chance! When he’s not at his computer, you’ll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.
Speaking of chill, Christian’s got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.
Here’s the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day – and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.
Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors – and bosses – he deeply respects.
So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.
Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
