Bearish Pattern Unfolds for Ethereum, Casting Doubt on Rebound Prospects

The Ethereum market is experiencing mounting pressure as its value against Bitcoin continues to deteriorate, with the ETHBTC pair crumbling beneath a critical descending triangle pattern. This breakdown suggests that bearish forces are still dictating the market's trajectory, leaving Ethereum exposed to further declines unless its bulls can swiftly recapture pivotal resistance levels.

Noted crypto analyst Ardi has highlighted that Ethereum's struggles against Bitcoin persist, citing the repeated rejection of a major descending trendline by the ETHBTC pair. This rejection increases the likelihood of Ethereum plummeting to fresh lows against the US dollar if the broader market landscape continues to deteriorate. Ardi's analysis also underscores Ethereum's relative underperformance in recent months, with its current value lower than when Bitcoin was trading near the $60,000 mark.

As the ETHBTC pair begins to disintegrate from its descending triangle support, bearish pressure on the cryptocurrency is escalating. According to Ardi, if the crypto market experiences another significant downturn, Ethereum may plummet to new lows before Bitcoin revisits the $60,000 level. However, Ethereum is still hovering above the cycle low it established against Bitcoin in April last year, which represents a crucial macro higher low. As long as this support holds, Ardi believes Ethereum has the potential to forge a broader higher-low structure, paving the way for a possible reset as the next market cycle approaches.

More Crypto Online suggests that Ethereum's short-term bearish pressure remains active, but the recent decline appears corrective rather than the onset of a more substantial impulsive selloff. The analysts emphasize that there is no conclusive evidence to indicate that a major long-term top has fully formed, and Ethereum may attempt another upward move as long as its price remains above the lower boundary of its current channel. Immediate support levels are situated around $2,187 and $2,122, while a successful bullish breakout above the $2,318 resistance area could propel Ethereum toward the $2,646 region.

However, if Ethereum breaks decisively below the lower channel support, the outlook may become significantly bearish, increasing the probability that a larger market top is already in place. This could shift attention back toward the February lows. For now, the market structure indicates a corrective pullback rather than a confirmed trend reversal, with key support levels at $2,187, $2,122, and $2,037, and resistance standing at $2,318 and $2,646. As of now, Ethereum is trading at $2,176 on the 1D chart, with its larger recovery structure technically still intact despite ongoing weakness.