The bearish pennant has reduced Ethereum’s price risks, shifting focus to the $1,800 level.
Ethereum trades near $2,060, unable to stay above the $2,000 psychological level. Repeated rejections around $2,200 and a weak RSI around 36 show limited buying pressure. A break below $2,050 could push the pair toward the $1,800 support, with $1,850 identified as a critical zone. The 200‑week SMA near $2,500 and the 50‑week SMA around $3,100 must be reclaimed for a bullish shift. A bearish pennant formed after the March high targets $1,800 if the $2,060 trend line fails. Recovery above $2,250 may trigger short liquidations and lift price toward $2,400‑$2,500. Ethereum’s TVL dropped to $116 bn, a 55 % fall from its 2025 peak, indicating weaker DeFi activity. Open interest and funding rates are neutral to slightly negative, reflecting reduced leveraged demand. Higher U.S. rates, inflation concerns and volatile energy markets keep risk appetite low for ETH.