Ethereum Price Nears Critical Support as Traders Eye $1,800 Level

Key Insights

• Ethereum price slipped below $1,900 and is testing the key $1,800 support zone.
• Prediction markets show rising expectations for a move below $1,800 during June.
• Analysts remain divided between a deeper correction and a long-term recovery setup.

Ethereum price remains under pressure after losing the psychological $2,000 level and falling toward a major support area near $1,800. The decline has intensified concerns among traders, with prediction markets and technical analysts debating whether ETH is approaching a bottom or preparing for another leg lower.

While short-term sentiment remains weak, some analysts argue that Ethereum is approaching long-term support levels that have historically attracted buyers.

Ethereum Price Tests Key $1,800 Support

Ethereum price is trading below $1,900 after nearly touching the $1,800 support region. Ted Pillows described this area as the last important support zone before ETH crypto risks new lows, with his chart marking lower demand near $1,700 and $1,550.

The same chart showed ETH crypto struggling beneath several resistance levels after losing momentum near $2,400. Price now needs to reclaim $1,967 first before buyers can challenge the stronger $2,060 zone. A move above that level could bring the $2,155 area back into focus.

However, the near-term structure remains weak. ETH price has already lost the $2,000 area, which many traders now treat as the main line between recovery and further downside. If price fails to hold the $1,800 region, sellers may target $1,700 next.

For now, the current support zone remains the main area to watch. A strong daily close above $1,967 would ease pressure, while another rejection below $2,000 could keep the bearish setup active.

BitMine ETH Losses Weigh On Sentiment

Meanwhile, BitMine’s Ethereum position has become a major talking point across the market. Ted Pillows said BitMine began buying ETH when the price was around $2,400. Since then, he said the firm has bought about $18 billion worth of Ethereum.

With ETH crypto now below $1,900, the same analysis claims BitMine is sitting on about $8.8 billion in unrealized losses. This has added pressure to sentiment, as large accumulation stories often support confidence during rallies but become a concern during sharp drawdowns.

The chart shared with the claim shows BitMine’s entry area near $2,400, followed by Ethereum’s failed recovery and later decline toward current levels. That breakdown has shifted attention from accumulation to risk management.

Still, large unrealized losses do not confirm the next price direction. ETH’s next move depends more on whether buyers defend the $1,800 area and regain $2,000. Without that recovery, bearish traders may continue pressing for lower liquidity zones.

Prediction Markets Turn More Cautious

Notably, prediction-market data shows traders are preparing for more volatility. The uploaded market panel shows a 77% probability that Ethereum may trade below $1,800 in June. It also shows a 47% probability for a move below $1,700.

Lower targets carry smaller odds, with $1,600 at 26% and $1,500 at 15%. These figures suggest traders see downside risk as elevated, even though the most aggressive targets remain less likely.

This cautious positioning matches the current technical picture. Ethereum price is sitting near a support region that has already attracted buyers, but the price has not yet produced a strong recovery. Until ETH reclaims $2,000, short-term confidence may stay limited.

When prices react to significant price levels, however, the odds of a prediction can change rapidly. Any bounce above $2000 would likely give the bears pause and shift positions on the downside.

Long-Term Trendline Still Offers Hope

However, World of Charts presented a more constructive view. The analyst said Ethereum price is testing a multi-year ascending trendline support, which has acted as an important area in previous market cycles.

His chart showed ETH holding near a long-term support band while moving close to a descending resistance line. According to this view, a successful defense of the support zone could set up a stronger recovery if buyers later break the descending trendline.

Don Wedge also argued that ETH crypto may still recover despite the latest break in support. His chart points to a larger wedge-like structure, with a potential upside path if price holds the broader base and turns higher from current levels.

That bullish case still needs confirmation. ETH crypto must first defend the $1,800 region, then reclaim $1,967 and $2,000. After that, $2,060 and $2,155 become the next levels to watch. A failure at support may instead expose $1,700, $1,600, and the deeper $1,550 demand area.

The post Ethereum Price Nears Critical Support as Traders Eye $1,800 Level appeared first on The Market Periodical.