Ethereum Price Action weakened again in the last 24 hours, the cryptocurrency fell below $3,000 and lost around 6.8% in the last 24 hours alone.
Immediate Price Action highlights recovery of this $3,000 supportbut a longer-term technical view suggests that the current decline could be part of a much larger and better-defined price framework. A macro analysis shared by crypto analyst Dona examines Ethereum’s behavior over the past two years with a structured range that suggests the cryptocurrency could reach $2,187.
Ethereum’s two-year range still defines the big picture
According to to analysisEthereum has largely been trading in a wide horizontal range for almost two years, with the exception of two notable counterfeits: one below resistance in the first half of 2025 and one above resistance in the second half, which led to a new all-time high price of $4,946 in August. On the weekly timeframe, price repeatedly respected an upper boundary between $4,000 and $4,100, while finding steady demand near lower support just above $2,100.
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This price action has resulted in a structure that resembles an inverted head and shoulders pattern on a macro scale. However, instead of signaling an immediate rise, the formation shows how price has oscillated between these defined trendlines, with mid-trend reactions often determining whether Ethereum pushes higher. resistance or falls back towards support.
At the time of writing, Ethereum is trading in the mid-range of the two-year range. In this context, the recent bearish move can be seen less as a breakout and more as a rotation towards the lower trendline within the same long-standing range.
Why $2,187 is a critical downside target
The chart accompanying the analysis places particular emphasis on the lower limit of the range, near $2,187. This level has repeatedly served as a rebound during previous downtrends in 2024 and another in July 2025.
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If Ethereum continues to trade below intermediate support currently around $3,000, then price could follow a familiar range rotation path towards this lower boundary. This move will see Ethereum fall to $2,187.
At the time of writing, Ethereum is trading at $2,928 and is still down 25% from $2,187. While this would be tragic for bullish traders, such a move would not necessarily invalidate the broader structure. Instead, it will complete another cycle in the range, similar to previous declines that eventually turned into a rebound for a rally phase.
One of the most remarkable aspects of Dona’s outlook is the expectation of a moderate activity in the short term. Aside from range-bound trades, taking directional positions may prove less attractive as liquidity diminishes toward the end of the year. From this point of view, the next major step will probably come in January 2026.
Featured image from Freepik, graphic from Tradingview.com
