Ethereum tested $2,140 on Wednesday after hitting an intraweek low of $2,070, extending its weekly decline to 7%. The slide pushed the asset's year-to-date loss to 28%, and technical signals are flashing red. CryptoQuant warned that if the broken triangle pattern isn't reclaimed soon, ETH could fall as low as $1,350.
What the charts are saying
Ethereum is now trading below all its major moving averages on the daily chart — a setup that typically signals dominant bearish momentum. The relative strength index is near the oversold zone, but that alone hasn't been enough to spark a bounce. According to CryptoQuant's analysis, the failure to hold the $2,200–$2,400 resistance band makes the path below $2,000 increasingly likely. The firm specifically flagged a broken triangle structure that, if not reclaimed, opens the door to $1,350.
ETF outflows pile on
Spot Ethereum ETFs have now recorded seven consecutive days of net outflows. That streak is adding to the broader concern that institutional interest is cooling just as retail sentiment sours. Even with the near-oversold RSI, the persistent selling pressure from ETF redemptions is keeping any recovery attempt shallow.
One bull still buying
Not everyone is running for the exits. Tom Lee, head of research at Bitmine, views the current pullback as a 'buy low' opportunity. He points to treasury holdings that now exceed 4.37% of Ethereum's circulating supply — a position he argues reflects conviction that the asset is undervalued at these prices. Lee's call runs counter to the broader market mood, but it's a reminder that large holders are still accumulating.
The levels that matter
For now, the $2,200–$2,400 zone is the hill Ethereum needs to take back. A close above $2,400 would put the triangle breakdown argument on hold. Below that, the $2,070 low becomes the immediate floor, with $2,000 as the psychological line in the sand. If that breaks, CryptoQuant's $1,350 target starts coming into play — and the ETF outflow streak will have to reverse before anyone calls a bottom.
