Ethereum Price Analysis (Weekly): Ethereum Drops from $2235 to $1754 and Consolidates, Will Ethereum Recover, or Will a Downtrend Follow?

Do you keep an eye on the Ethereum price trend and wonder if the price trend will be able to bounce back from its downtrend? This analysis is for you, then. We will examine several patterns and how the Ethereum price trend responded to them. Since Ethereum has been consolidating for a while, we will also identify possible levels of support and resistance. Let’s get right to the Ethereum price analysis and see where the cryptocurrency may move in the upcoming sessions.

Ethereum Price Analysis of the Last Week

A range appeared in the price, which broke out to the upside at 12:00 UTC on 8th March, forming a spike and a converging triangle pattern. The converging triangle pattern marked the high of the week at $2,235. The converging triangle broke out to the downside at 20:00 UTC on 8th March, forming a downward-moving channel supported by a death cross of MACD. The downward-moving channel broke out to the downside at 10:00 UTC on 9th March and formed a spike and an expanding triangle pattern.

Chart 1: Analysed by vallijat007, published on TradingView, March 15, 2025

From 10:30 UTC to 23:30 UTC on 9th March, RSI dropped below the level of 30, indicating an oversold market condition. The expanding triangle pattern broke out to the upside at 00:30 UTC on 10th March, supported by a golden cross of MACD. The price formed a spike and a channel pattern. The channel tried to break out to the upside at 09:00 UTC on 10th March, but the upside breakout failed, and the price spiked to the downside, forming a downward-moving channel. 

Ethereum Consolidates Between $1,830 and $1,950 After Marking a 52-Week Low

A death cross appeared in MACD at 14:00 UTC on 10th March, further supporting the downfall of Ethereum. Ethereum broke out from the downward-moving channel at 20:00 UTC, but the upside breakout failed, and the price dropped down, marking a 52-week low at $1,754. After marking the low, the price spiked to the upside, supported by a golden cross of MACD at 01:30 UTC. 

The price formed a spike and an upward-moving channel. The price soon found a resistance level at $1,950, and a support level appeared at $1,830. In the meantime, RSI and MACD hovered around their base levels. As the resistance and support levels formed in the price of Ethereum, Ethereum started its consolidation phase on 11th March at 13:00 UTC and has continued till now.

Ethereum Price Struggles: Breakout or Another 52-Week Low?

Ethereum has been consolidating for some time, and consolidation is a hallmark that a breakout will soon follow. The resistance and support levels are critical for Ethereum to break in order to set itself in a clear trend. The Ethereum price today is facing resistance and might soon touch the support level. If Ethereum breaks out to the upside, then the downfall of Ethereum might hold for some time. If Ethereum breaks its support level, then it may soon mark another 52-week low. Traders and investors are encouraged to take a look at the Ethereum price today by themselves, as the crypto market is subject to potential risk.