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▲ Ethereum (ETH), cryptocurrency decline/AI generated image
A technical analysis suggests that if Ethereum (ETH) fails to maintain the $1,850 support level at its weekly closing price, a warning of a potential fall to the $1,000 range could become a real possibility.
According to crypto media outlet U.Today on May 29 (local time), analyst Ali Martinez analyzed that Ethereum's weekly candle close this week is a key variable that will determine whether it falls to the $1,000 range. Martinez believes that if the weekly candle closes below the key support level of $1,850, selling pressure could accelerate.
If this support level breaks, the first downside target is suggested to be the intermediate support level near $1,560. Within a multi-year channel, the final downside point was mentioned to be near $1,070, the bottom of the range.
Outflows from US spot Ethereum ETFs are also contributing to price pressure. US spot Ethereum ETFs recorded a net outflow of $121 million, continuing outflows for 13 consecutive trading days. U.Today reported that this is a sign of continued bearish sentiment among Wall Street investors.
The sale by David Hoffman, co-founder of Bankless, was also cited as a market pressure factor. Hoffman fully liquidated his Ethereum position, which he had held for nine years, on May 26, 2026. He stated that Ethereum tokens had already reached their fair value and lost their upside potential, and that the Ethereum network transfers economic benefits to Layer 2 projects and fails to accumulate value for Layer 1 holders.
In contrast, Standard Chartered analysts presented an opposing view. They compared the current decline in Ethereum to the collapse of Amazon's stock price in 2001. At that time, Amazon's stock price fell from $113 to $6 despite internal business metric growth. Standard Chartered maintained its forecast of $4,000 by the end of 2026 and $40,000 by 2030, stating that Ethereum accounts for 50% to 65% of the stablecoin and tokenized asset markets.
*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*
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