Ethereum is under pressure after losing monthly support, but analysts are still watching for one final move lower before a possible macro bottom forms. If ETH holds near $1,400 and bullish momentum signals stay intact, the next major move could shift from breakdown risk to recovery.
Ethereum Monthly Chart Flashes Breakdown Risk
Ethereum is trading near $1,587 as one analyst warns ETH is close to printing a lower low after losing monthly support.
ETH/USD monthly chart. Source: Jesse Olson on X, TradingView
The chart shows ETH closing below the former monthly support area near $1,790. That level is now important because a failure to reclaim it could confirm a weaker high-timeframe structure.
According to Jesse Olson, Ethereum is on track to print a lower low on the monthly chart. He also noted that eight of the past 10 monthly candles have been red, showing sustained selling pressure.
The next major support area on the chart sits near $1,066. Below that, the chart marks deeper monthly support levels around the $600 area and near $114, though those remain much lower long-term zones.
The setup shows how much pressure ETH has faced after failing to hold its previous support. A move back above $1,790 would be the first sign of recovery, while continued weakness could keep the $1,066 level in focus.
For now, Ethereum’s monthly close is the key signal to watch. If ETH finishes the month below lost support, the bearish structure would remain in control.
Ethereum Eyes $1,400 Test Before Possible Macro Reversal
Ethereum is trading near $1,578 as one analyst says ETH may still need one more move lower into the $1,400 area before completing its broader correction and attempting a larger reversal higher.
ETH/USD weekly chart. Source: Hov on X, TradingView
The chart shows ETH moving down toward a highlighted support and confluence zone between roughly $1,200 and $1,400. According to Hov, the main level to watch is near $1,400, where price could complete the final leg of the correction.
The analyst says that if ETH pushes lower into that area, traders should watch whether the bullish divergences now visible on the chart remain in place. Bullish divergence usually appears when price makes a lower low while momentum indicators fail to do the same, which can suggest selling pressure is weakening.
The setup remains conditional for now. A drop into the $1,400 zone would fit the analyst’s road map, but Ethereum would still need to stabilize and show a stronger reaction from support before the bullish reversal case gains more weight.
If that happens, the chart suggests the macro correction could be close to ending. From there, Hov sees room for a larger recovery phase that could eventually send ETH back toward new all-time highs.
For now, the $1,400 area is the key level in focus. A move into that zone with bullish divergence holding would support the bottoming case, while a weaker reaction could delay the larger reversal outlook.
