Ethereum is trading under pressure after losing monthly support near $1,790, with analysts watching for a move to $1,400. Analyst Jesse Olson warns ETH is close to printing a lower low on the monthly chart, while Hov suggests one more downward move into the $1,400 zone may be needed to complete the broader correction. The setup remains conditional: if ETH holds near $1,400 and bullish momentum divergences stay intact, the next major move could shift from breakdown risk to recovery.
Jesse Olson Warns of Monthly Chart Breakdown Risk
Ethereum is trading near $1,587 as analyst Jesse Olson warns ETH is close to printing a lower low after losing monthly support. 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.
Hov Identifies $1,400 as Key Test Level Before Potential Reversal
Ethereum is trading near $1,578 as analyst Hov 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.
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. 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.
FAQ
What price level is Ethereum currently testing?
Ethereum is trading near $1,587 according to Jesse Olson's analysis and near $1,578 in Hov's chart review. Both analysts are watching for a potential move lower into the $1,400 area, which represents a key support and confluence zone between roughly $1,200 and $1,400.
Why did Ethereum lose monthly support?
Ethereum closed below the former monthly support area near $1,790. Jesse Olson noted that eight of the past 10 monthly candles have been red, showing sustained selling pressure. The failure to hold this support level has put ETH on track to print a lower low on the monthly chart.
What are the next major support levels for Ethereum?
The next major support area sits near $1,066. Below that, deeper monthly support levels are marked around the $600 area and near $114, though those remain much lower long-term zones. Analyst Hov specifically highlights the $1,400 area as the main level to watch for a potential macro bottom.
