Ethereum price movement further weakened Over the past 24 hours, the cryptocurrency has fallen below $3,000, down about 6.8% in the past 24 hours alone.
instant price movement Points to regain this $3,000 supportHowever, a longer-term technical perspective suggests that the current decline may be part of a larger, more defined price framework. A macro analysis shared by cryptocurrency analyst Donna examines Ethereum’s movements over the past two years in a structured range and suggests that the cryptocurrency’s bottom could be at $2,187.
Ethereum’s 2-year range still defines the big picture
According to Go to analysisEthereum has been trading primarily within a wide horizontal range for nearly two years, with the exception of two notable falsehoods. One broke below resistance in the first half of 2025, and the other broke above resistance in the second half of this year, which led to a new high of $4,946 in August. On the weekly time frame, the price has repeatedly respected the upper bound around $4,000 to $4,100, but found consistent demand near the lower support just above $2,100.
This price action resulted in a structure resembling an inverted head-and-shoulders pattern on the macro scale. However, rather than indicating an immediate upside, formations indicate how the price is moving between these defined trend lines, and midrange reactions often determine whether Ethereum moves higher. Either it becomes resistance or it slips back towards support.
As of this writing, Ethereum is trading within the mid-range of its two-year range. Based on this context, the recent bearish move can be seen not as a breakdown, but as a rotation towards the lower trendline within the same long-term range.
Why $2,187 stands out as a significant downside target
The chart accompanying the analysis places particular emphasis on the lower end of the range around $2,187. This level repeatedly served as a rebound bottom during a previous downtrend in 2024 and another downtrend in July 2025.
If Ethereum continues to trade below its current midrange support around $3,000, the price could follow the well-known range rotation path towards this lower bound. This move will cause Ethereum to fall to $2,187.
At the time of writing, Ethereum is trading at $2,928, still down 25% from $2,187. While this is tragic for bullish traders, such a move does not necessarily invalidate the broader structure. Instead, it completes another cycle within the range, similar to previous declines that eventually transitioned into a rebound towards an uptrend.
One of the most notable aspects of Donna’s outlook is that suppressed activity in In the near future. Apart from range trading, taking directional positions may become less attractive as liquidity thins towards the end of the year. From this perspective, the next big move is likely to occur in January 2026.
Featured image from Freepik, chart from Tradingview.com