Ethereum price action was further weakened in the last 24 hours, with the cryptocurrency falling below $3,000 and losing approximately 6.8% in the last 24 hours.

Instant price action indicates recovery of support in the amount of $3,000but from a long-term technical perspective, the current decline may be part of a much broader and better-defined pricing structure. The macro analysis shared by cryptocurrency analyst Dona examines Ethereum’s performance over the past two years in a structured range that suggests the cryptocurrency could hit a low of $2,187.

Ethereum’s two-year range continues to define the bigger picture

According to for analysisEthereum has traded mostly in a wide horizontal range for almost two years, barring two notable fakes: one below resistance in the first half of 2025 and one above resistance in the second half of the year, which led to a fresh price high in August of $4,946. On a weekly basis, the price has repeatedly held the upper band around $4,000-$4,100 while maintaining steady demand near the lower support just above $2,100.

This price action has resulted in a structure resembling an inverse head and shoulders pattern on a macro scale. However, rather than signaling an immediate improvement, the pattern shows how the price has oscillated between defined trend lines, and mid-range reactions often determine whether Ethereum will trend towards resistance or return to support.

At the time of writing, Ethereum is trading in the mid-2-year range. In this context, the recent bearish move can be seen less as a breakdown and more as a turn towards the lower trend line in the same long-term range.

Why $2,187 Stands Out as a Critical Downside Target

The chart accompanying the analysis places particular emphasis on the lower end of the range around $2,187. This level has repeatedly acted as a floor during the previous downtrend in 2024 and the next downtrend in July 2025.

If Ethereum continues to trade below average support currently around $3,000, then the price could follow a familiar range rotation path towards this lower boundary. Thanks to this move, Ethereum will fall to $2,187.

At the time of writing, Ethereum is trading at $2,928, still down 25% from $2,187. While this would be tragic for bullish traders, such a move would not necessarily invalidate the broader structure. Instead, it will end another cycle in this range, similar to the previous declines, which eventually turned into a rebound and a phase of growth.

One of the more noteworthy aspects of Dona’s perspective is the anticipation decreased activity in next date. In addition to range-constrained trades, taking directional positions may be less attractive as liquidity declines toward the end of the year. From this perspective, the next major move is more likely to take place in January 2026.

Featured image from Freepik, chart from Tradingview.com