Ethereum price is trading near $1,928 after six consecutive red monthly closes, with mounting technical pressure below $1,940 raising the risk of a deeper slide towards the $1,700 support zone.
Ethereum price is entering a technically fragile phase after closing its sixth consecutive month in the red, with the price now hovering near $1,928. Persistent selling pressure, weakening momentum, and growing bearish positioning are raising the probability of a deeper corrective.
According to Brave New Coin data, Ethereum is trading near $1,928, down 3.76% in the last 24 hours. While short-term stabilization attempts are visible, the broader structure continues to lean bearish.
Six Consecutive Red Monthly Closes Signal Structural Weakness
Market analyst TedPillows recently highlighted that Ethereum has now closed six straight months in the red. More notably, ETH has closed 12 of the last 15 months negatively, a rare stretch of sustained underperformance for the asset.
Ethereum closes six consecutive red monthly candles, marking one of its longest sustained downturns in recent history. Source: TedPillows via X
Historically, extended red streaks can either precede:
- A capitulation flush before reversal, or
- Continued grind-down compression before another leg lower
While such streaks often lead to eventual relief rallies, they also reflect persistent distribution rather than accumulation. Until monthly momentum stabilizes, long-term structure remains under pressure.
Ethereum Price Prediction Targeting $1,700
Short-term technical analysis from Crypto Chiefs suggests Ethereum’s structure remains vulnerable below the $1,940 level. As long as ETH trades beneath this pivot, downside continuation towards $1,700 becomes increasingly probable.
The chart structure shows:
- A breakdown from prior consolidation
- Failure to sustain higher highs
- Weak bounce attempts into resistance
If $1,940 is not reclaimed convincingly, sellers may continue targeting the $1,800 zone first, followed by a potential move into the $1,700 demand area.
Ethereum breaks down below $1,940, with weakening structure opening the door towards $1,800 and potentially the $1,700 demand zone. Source: Crypto Chiefs via X
Daily Range Compression Between $1.8K and $2.1K
Adding broader context, ChiefraFba pointed out that Ethereum price is currently trading within a daily range, with major support in the lower $1.8K area and resistance near $2.1K. This range compression suggests a larger move is building.
Ethereum consolidates between $1.8K support and $2.1K resistance. Source: ChiefraFba via X
However, after a strong downward impulse earlier in the month, range formations that occur below resistance typically resolve in the direction of the dominant trend, which currently favors sellers. A clean break below $1,800 would likely accelerate volatility. Conversely, only a reclaim above $2,100 would meaningfully shift structural bias.
Ethereum and Whale Activity
On-chain sentiment also reflects cautious positioning. Max Crypto reported that a whale has opened a $39 million ETH short position using 20x leverage, with a liquidation price near $2,187.
Large leveraged short positions do not guarantee downside, but they often signal conviction from high-capital participants. If price remains suppressed below $2,000, this positioning could reinforce bearish momentum.
A $39 million leveraged ETH short highlights growing downside pressure. Source: Max Crypto via X
However, if ETH unexpectedly squeezes above $2,100–$2,180, it could trigger short liquidations and a sharp spike in volatility. For now, positioning appears aligned with downside expectations.
Final Thoughts: Can Ethereum Avoid a Deeper Correction?
Ethereum is attempting to hold near $1,930, but the technical structure remains fragile while price trades below $1,940 and well under the $2,100 resistance ceiling. Six consecutive red monthly closes reflect sustained weakness rather than short-term volatility. While oversold conditions may eventually trigger relief rallies, sellers still control momentum on higher timeframes.
Ethereum was trading at around $1,940.59, down 3.20% in the last 24 hours at press time. Source: Brave New Coin
Unless bulls decisively reclaim key resistance levels, the risk of a move towards $1,700 remains elevated, making the coming sessions critical for Ethereum’s near-term trajectory.