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Ethereum’s MACD turned green after a three month stretch, while a separate chart kept the spotlight on $3,900 as the key breakout level. Meanwhile, another setup warned of a potential flag driven drop toward $2,400 as ETH also drew fresh comparisons with IWM, a Russell 2000 proxy.
Ethereum’s momentum indicator flashed a fresh bullish signal after the Moving Average Convergence Divergence line turned positive for the first time in about three months, according to crypto trader Merlijn The Trader in a post on X.
Ethereum USD 2 Day Price Chart with MACD: Source: Merlijn The Trader via X
However, the same chart showed a sharp two day downswing on Coinbase. ETH USD printed an open near $3,325, then fell to a low around $3,058, before closing near $3,063, a drop of about $262, or 7.88%, based on the price panel shown in the post.
At the same time, the chart highlighted a broad support band near the mid $2,000s. Price dipped into that zone during the recent slide and then rebounded, which the post described as support holding.
Still, the graphic flagged the area around $3,900 as the key overhead level. The chart labeled that zone as the level Ethereum “needs to break,” while the MACD panel below showed a bullish crossover and a shift back to green histogram bars.
Crypto commentator Mister Crypto said Ethereum is “starting to catch up” to the Russell 2000, in a post on X that paired ETH price candles with a line representing IWM, the iShares Russell 2000 ETF.
Ethereum vs IWM Russell 2000 Comparison Chart. Source: Mister Crypto via X
The graphic plotted both series across the same timeline, with IWM shown as a blue line and ETH shown as candlesticks. The two traces moved in broadly similar waves through 2024 and 2025, including a sharp selloff and a later rebound, based on the chart’s layout.
On the far right, the chart highlighted a recent ETH bounce after a steep drop, while the IWM line appeared to remain higher relative to its prior range. Mister Crypto framed that gap as room for Ethereum to close, while the image included a vertical marker suggesting a potential catch up move.
Crypto analyst Ali Martinez, known as @alicharts on X, said Ethereum could slide toward $2,400 if a flag pattern on his chart plays out.
Ethereum TetherUS Perpetual Contract 12 Hour Flag Setup. Source: Ali Martinez (Ali Charts)
The chart showed an Ethereum TetherUS perpetual contract on the 12 hour timeframe on Binance. At the time shown, ETH traded near 3,244.47 USDT, up about 8.70 USDT, or 0.27%.
The setup followed a steep drop, then a rising, tight channel that formed between two upward sloping trendlines. The latest move on the chart broke below the channel and extended into a projected downswing, which aligned with Martinez’s $2,400 level.
The graphic placed that downside area near the lower right of the price scale, with the projection moving from the low 3,000s toward the mid 2,000s. Martinez framed the move as conditional, saying the $2,400 target applies if the structure is a flag.
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