Ethereum price slides as Peter Brandt warns of more

The price of Ethereum fell 4% over the past 24 hours, falling to around $2,744, as selling pressure increased, and veteran trader Peter Brandt warned that Ethereum’s decline may not be over yet.

Brandt points to the breakdown of the symmetrical triangle on Ethereum’s 24-hour chart, a pattern he describes as a well-known bearish signal that often leads to further losses when confirmed. According to him, the collapse indicates that sellers are still in control, especially in an environment characterized by weak market liquidity and continued capital outflows.

These conditions make it difficult for Ethereum to recover, as small sell orders can push prices lower. Brandt adds that the lack of strong buying interest means the rallies are likely to be short-lived unless market conditions improve. It also places Ethereum’s weakness within the broader market context.

Brandt highlights a right-angle expansion pattern on the total cryptocurrency market cap chart. After the recent market crash, the total cryptocurrency market cap has already dropped to around $2.82 trillion. He warns that if this pattern continues, the total market capitalization could fall to $2.41 trillion.

ETF outflows and weak sentiment are deepening downward pressure

This would represent an additional 15-20% decline from current levels and could keep major cryptocurrencies like Bitcoin, Ethereum, and XRP under continued pressure. The weak technical outlook for Ethereum is consistent with weak sentiment across the broader cryptocurrency market. The second largest cryptocurrency has lost more than 46% of its value over the past few months, reflecting global uncertainty and challenges specific to the cryptocurrency sector.

One of the biggest factors hurting sentiment has been the ongoing outflows from Ethereum exchange-traded funds, suggesting that institutional investors are becoming more cautious. On Thursday alone, ETH exchange-traded funds recorded nearly $156 million in net outflows.

Fidelity’s FETH saw the largest withdrawals at $59.2 million, followed by BlackRock’s ETHA at $54.9 million. Grayscale’s ETHE and ETH products also saw significant outflows of $13.1 million and $26.5 million, respectively. These ongoing redemptions reinforce concerns that institutional demand for Ethereum remains weak in the near term.

Ethereum price breaks a major support level

Ethereum (ETH/USD) on the 4-hour time frame is showing a clear shift in market structure, with bearish momentum now taking over after a decisive breakout below key support. The price action highlights a failed recovery attempt that turned into a strong bearish continuation.

Initially, ETH formed a rounded bottom pattern, indicating a gradual accumulation phase. This structure allowed the price to rise towards the upper resistance area around the $3,300-$3,350 area, which previously served as a strong supply zone. However, repeated rejection from this resistance area indicates a weak upward follow-through, indicating that sellers are still firmly in control.

After the rejection, ETH price fell below the major support level near $2,950-$3,000, which served as a demand zone during the previous consolidation. This breakout is technically significant, as previous support has now turned into resistance. The move was impulsive, confirming a downside breakout and not a false move or liquidity sweep.

ETHUSD chart analysis. Source: TradingView

Momentum indicators reinforce the downtrend. The RSI (14) fell towards the lower band, hovering near the oversold zone but without showing bullish divergence. This indicates that selling pressure is still active, and any short-term bounce could be a corrective rather than a trend reversal. The failure of the RSI to reclaim the 50 midline confirms bearish control.

Structurally, ETH is now forming lower highs and lower lows, which is a classic bearish trend signal on the 4-hour chart. Bearish candle expansion after breaking support also indicates strong selling participation rather than weak retail-led moves.

Looking ahead, the next key area to watch is around the $2,650-$2,700 area, which could act as a temporary demand zone or a pause zone. If this level fails to hold, downside risks may extend towards deeper liquidity areas below. On the upside, any recovery attempts are likely to encounter resistance near the broken support range between $2,950 and $3,000.

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