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The Ethereum triangle breakdown indicates a potential price collapse 🤔🚀💸

Currently trading near $1,818.10, technical indicators and on-chain metrics suggest the possibility of a deeper correction. According to cryptocurrency analyst Bit Bull, Ethereum has broken down from a symmetrical triangle pattern, which is typically considered a signal for strong price movements. If this breakdown continues, Ethereum could drop to $1,600 in the near term.
Downward collapse: The triangle pattern indicates lower bottoms.
The latest chart analysis from Bit Bull indicates that Ethereum has not only dropped below the symmetrical triangle support but is now entering a retest phase - the period during which the price briefly visits the broken trend line before resuming its movement in the original direction.

Paul's House said: "After the collapse and retest, there is a high likelihood that Ethereum will resume its downward trend. Unless Ethereum manages to regain the $1800 level, losses are likely to continue."
This bearish situation is reinforced by a decrease in trading volume and a decline in momentum, which strengthens bearish expectations. The level of $1800, widely regarded as a psychological support, is now a key line in the way.

The data on the chain confirms the network's activity is weak.
Technical indicators are not the only source of concern. Chain analysis reveals that Ethereum network activity has also declined in recent months. The number of active addresses has decreased, while transaction fees and the value of Ethereum burned per transaction have also dropped, reflecting a decline in user engagement and demand.

At the same time, the increase in Ethereum issuance after the merge may exacerbate pressure on price support levels by inflating the circulating supply. However, if the currency holds at the $1800 level, there may be potential for a short-term rise, according to analysts at DeFi that are monitoring the asset.

Divergent views: Standard Chartered expects its profit to reach $4,000 by the end of the year
Despite the technical weakness in the near term, not all forecasts are bleak. A Standard Chartered analyst recently revised their expectations, indicating that the price of Ethereum could rise to $4,000 by the end of 2025, pointing to macro adoption trends and institutional flows.

Currently, the cryptocurrency market remains volatile. The total trading volume of Ethereum is around 7 billion dollars, and large movements in wallets may lead to further fluctuations. The recovery of Ethereum or its continued decline depends on how traders react to the support level at 1800 dollars.

As Dey There continues to track the evolving structure of the Ethereum market, traders are urged to closely monitor technical formations and on-chain signals to anticipate further market volatility.