The latest price structure of Ethereum is starts to look like a trend that has already led to sharp declines, and one analyst believes the signal is already in play.
A technical outage shared by Leshka.eth on The structure is not new, but there are concerns about how it is being rebuilt. If everything goes according to the planned structure, then the price of ETH could collapse down to just $1,200.
The SuperTrend indicator has reversed again
THE The SuperTrend indicator is a trend tracking tool that plots dynamic support and resistance levels based on price volatility. This indicator has reversed on the Ethereum daily time frame. According to analysis of graphs by Leshka.eth, this is the third time this pattern has appeared in the current cycle, and the previous two cases ended in heavy losses.
The first case, which formed around the time frame of October and November 2025, saw Ethereum initially hold a support zone before breaking down. The ensuing collapse measured approximately 45.03%, a selloff that erased a significant portion of the gains from earlier in the year. Notably, this sell-off saw the price of ETH fall from over $4,750 until falling below $2,750.
The second setup took place in early 2026. Again, ETH price appeared to settle at a support level in early January, but this support ultimately gave way during the second half of the month. This ultimately led to a decline that resembles a first episode in terms of magnitude, with the ETH price falling below $1,850 during the first week of February 2026.
It’s the same the transition is now takes place again. The SuperTrend has turned red, which places Ethereum in a condition that has always favored continued decline.
The line in the sand
The outlook from this analysis places the important level to watch at $1,990. This is where the current SuperTrend reversal is forming, and it is the decisive zone for ETH’s near-term outlook. The chart shows a dashed horizontal line as support around the $1,990 price level as a line in the sand. it must not be broken.
The price has already attempted to climb up to the resistance around $2,300 as seen in the chart above, but these the moves were rejected. According to Leshka.eth, if $1,900 breaks out, the next target is the $1,200 zone.
Chart annotations indicate declines of around 45% to 48% after similar setups, and applying this range to the current structure projects Ethereum’s next major area around $1,200.
Featured image from iStock, chart from Tradingview.com
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