Ethereum (ETH) is on a knife edge again, and Crypto market analyst Patel has suggested that there may be no room for optimism if the next key level subsides. According to the analyst, Ethereum price is hovering at a critical decision point below $2,000 after noting repeated price drops. However, a crash below $1,800 could cause a massive crash.

Ethereum is recording multiple failed bullish structures

In post X this Monday Crypto Patel he admitted that Ethereum broke his heart twice, pointing out that it failed on two occasions bullish structures that have now changed her broader perspective. The first dagger, as the analyst calls it, came when neat Bull flag formation appeared and the price dropped from the $3,700 region.

On the chart, this collapse marked the end of a multi-month rally that pushed the ETH price towards the $4,700 to $4,900 area in tardy summer 2025 before moving below the downward trendline that had capped any rally attempt.

The second dagger appeared a few months later as growing triangle structure broke down at the critical support zone at $3,000. What looked like a tightening consolidation under horizontal resistance turned into a decisive breakdown. The previous support zone around $3,100-$3,500 has turned into resistance, with repeated rejections and lower highs pushing against the descending purple trend line on the chart.

Crypto Patel’s analysis shows that this failure resulted a pointed drop below $2,000. As a result, Ethereum is currently trading between $2,000 and $1,850, a range that the analyst describes as the last buffer before a much deeper pullback.

$1,800 appears as critical support for ETH

On the daily time frame, Crypto Patel chart shows that ETH has recently been printing around $1,982 after pointed sale which cut through its previous structure. Although the cryptocurrency has rebounded slightly above $1,990, the previous decline caused its price to drop from approximately $3,100 in early 2026 to below $2,000 in a matter of weeks. This left an apparent zone of imbalance between $2,400 and $2,600, which the analyst calls a potential Fair Value Gap (FVG).

For now, all attention is focused on $1,800. Crypto Patel predicted that if Ethereum holds this critical support, a relief reflection towards $2,650 becomes an immediate upside target, likely filling part of the disequilibrium zone and retesting previous breakdown areas.

On the other hand, if the price of $1,800 does not fall, a broader market panic may be justified. According to Crypto Patel, a decisive break below this support could open a path towards $1,300, marked on the bottom chart with a green demand block. He also termed this region as a forceful support and the best accumulation zone for buyers to enter aggressively.

Featured image from iStock, chart from Tradingview.com