Ethereum Pattern Suggests Potential Move Toward $1K

In Brief

• Ethereum shows a repeated bearish pennant breakdown.
• Pattern projection suggests possible $1,000 retest.
• Macro factors still influence the outcome.

Ethereum (ETH) may be entering another technical breakdown phase after a second bearish pennant reportedly failed on the daily chart. The pattern mirrors an earlier setup that already played out during the recent selloff. The measured move now points toward a possible retest of the $1,000 region.

A Repeated Bearish Pattern On The Chart

Specifically, renowned cryptocurrency market expert Trader Tardigrade pointed to two similar pennant formations in his X post on February 24. Ethereum’s first bearish pennant formed after a sharp drop and eventually broke lower, with the price reaching a projected target near $1,735.

Now a second pennant has developed following another leg down. According to the chart analysis, the structure has already broken to the downside, suggesting continuation rather than consolidation.

Bearish pennants are continuation patterns that typically appear during downtrends. They form when price briefly compresses into a tightening range before resuming the prevailing direction.

The measured move in this case is derived from the length of the prior impulse drop. Applying the same projection to the latest breakdown yields a potential target slightly above $1,000.

*Ethereum’s bearish pennants. Source: Trader Tardigrade/X*

Why Traders Are Watching This Setup

Pattern repetition tends to attract attention because markets often move in fractal-like structures. When a setup plays out cleanly once, traders frequently look for similar formations to gauge momentum and risk levels.

A move toward the $1,000 zone would mark a deeper retracement from recent highs and could reshape short-term sentiment around Ethereum. That level also sits near historically significant psychological support, which may increase volatility if approached.

Still, technical projections are not guarantees. Macro conditions, Bitcoin (BTC) direction, and liquidity flows continue to influence Ethereum’s trajectory alongside chart patterns.

Currently, the price of Ethereum stands at $1,822.52, which represents a 5.1% decline in the last 24 hours, a drop of 7.4% over the past seven days, and an accumulated loss of 37.8% across the month, per the most recent chart information.

*Ethereum price 7-day chart. Source:* *CoinGecko*

For now, the breakdown has placed a clear technical level on the radar. The subsequent move, be it the price accelerating toward the projected zone or stabilizing beforehand, may define Ethereum’s next major narrative in the current cycle.