The world’s largest altcoin experienced significant pressure from the prevailing market weakness over the past week, declining to just over $1,500 for the first time in more than a year. The asset remains below key support levels, including $1,800, which holds particular significance in its long-term potential, according to popular analyst Michaël van de Poppe. The market observer perceives ETH’s decline beneath $1,800 as a “massive opportunity” while advising day traders to steer clear, as it is “not really attractive” at this juncture.
The chart below illustrates a distinct trend, indicating that the asset has been experiencing a prolonged downtrend for several months. It reached a high of nearly $5,000 last summer; however, it has since experienced a decline of almost 70%, now standing at $1,600. However, there’s finally light at the end of the tunnel as the asset is “making a potential strong bullish divergence on many levels that would indicate that ETH is going to follow Bitcoin.” Perhaps the most significant driver for prospective price appreciation in the cryptocurrency market, particularly for tokens such as ETH, which certain analysts contend may experience greater advantages compared to BTC, is the CLARITY Act.
The bill, anticipated to be enacted in the US this year, is likely to enhance regulatory clarity across the entire market in the US. Van de Poppe indicates that ETH is presently exhibiting a typical pattern of “sell the rumour, buy the news” in its price movements. He also named 1,505 and 1,385 as the next levels at which ETH would present a “tremendous buying opportunity” if it gets there. Overall, he posits that markets exhibit a reluctance to decline further, and he expresses scepticism regarding the possibility of ETH reaching those lower levels. Ethereum’s native token is on the brink of making history, albeit in an unfavourable light, as it approaches the conclusion of a third consecutive quarter in the red.
Despite its previous bear cycles, it has never done this; however, it would require nothing short of a miracle to avoid it now. It concluded with a 28.28% decrease in the fourth quarter of 2025, followed by a further 29.26% reduction in the first quarter of 2026, and has experienced a decline exceeding 24% in the second quarter as of the current reporting period. As June draws to a close, market participants are shifting their attention towards July. Ted Pillows provided some optimism for the bulls, suggesting that ETH has traditionally experienced a rebound in July. This has been particularly true in 2020, 2021, 2022, and 2025. ETH has recorded significant increases in July, following a decline in June.