Ethereum Could Crash To $1,700 If This Support Fails, Analyst Says

Name	Symbol	Market	Market Cap ($)	Algorithm
Ethereum	ETHUSD	Crypto	311,741,578,415	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

Ethereum

ETHUSD

Crypto

311,741,578,415

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	-12.98	-0.50%	2,589.86	2,590.23	2,590.42

Price Change

Price Change %

Current Price

Bid Price

Offer

-12.98

-0.50%

2,589.86

2,590.23

2,590.42

High Price	Low Price	Open Price	Prev. Close	52 Week Range
2,624.58	2,569.85	2,600.91	2,602.84	2,112.00 - 4,109.67

High Price

Low Price

Open Price

Prev. Close

52 Week Range

2,624.58

2,569.85

2,600.91

2,602.84

2,112.00 - 4,109.67

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	04:30:06	0.769500	2,590.17	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

04:30:06

0.769500

2,590.17

USD

Price x Volume	Volume	Base Symbol	Related Pairs
47,912,863.20	18,445.13	ETH	ETHEUR	ETHGBP	ETHBTC

Price x Volume

Volume

Base Symbol

Related Pairs

47,912,863.20

18,445.13

Ethereum Could Crash To $1,700 If This Support Fails, Analyst Says

06/02/2025 11:00pm

NEWSBTC

An analyst has explained how Ethereum (ETH) could see its price crash to $1,700 if the support level of this technical analysis (TA) pattern fails. Ethereum Could Be In Danger Of Falling Under Ascending Channel Support In a new post on X, analyst Ali Martinez has discussed about where Ethereum could head next based on a pattern forming in its 12-hour price chart. The pattern in question is an Ascending Parallel Channel from TA, which, as its name implies, involves two parallel trendlines that are sloped upwards. Related Reading: Ethereum Recovers To $2,800 As Exchange Outflows Near $1 Billion When the asset is inside this channel, it goes through consolidation towards a net upside. The higher tops in its price trace the upper line of the pattern, while the higher lows draw the lower level. Like other TA patterns, the former line is assumed to act as a source of resistance in the near future and the latter as a point of support. Breaks out of either of these boundaries can imply a continuation of trend in that direction. The Ascending Parallel Channel isn’t the only parallel channel in TA. When parallel consolidation happens towards the downside instead, the formation is known as a Descending Parallel Channel. Neither of these are the most commonly observed type, though, as that title is held by the basic Parallel Channel, which has its trendlines parallel to the time-axis (that is, they have zero slope). Now, here is the chart shared by the analyst that shows the Ascending Channel that the 12-hour price of Ethereum has been trading inside for the last few years: From the graph, it’s apparent that the Ethereum half-day price saw a very brief retest of the Ascending Channel’s lower level recently. The coin found support then, but its value is still floating quite close to the line, meaning that another retest could potentially happen soon. The level is currently situated at $2,500. During the last few years, this line has continuously held for the cryptocurrency, so it’s possible that it may do so again in the near future. “If Ethereum $ETH holds above $2,500, it could rebound toward $4,000 or even $6,000,” notes Martinez. The former target is around halfway through the channel from the current mark, while the latter corresponds to the upper level. The last time that ETH topped out was near the former line. Related Reading: Chainlink Witnesses Highest Whale Activity Since 2023, Price Reversal Coming? “However, if $2,500 fails as support, the next target shifts to $1,700!” warns the analyst. From the current price of the coin, a crash to this target would mean a decrease of more than 39%. It now remains to be seen whether Ethereum will retest the lower level of the Ascending Channel again in the coming days or not. ETH Price At the time of writing, Ethereum is floating around $2,800, down more than 6% over the last seven days. Featured image from Dall-E, charts from TradingView.com

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