Ethereum (ETHUSD) has been trading within a Channel Down for the entirety of its Bear Cycle since the August 24 2025 All Time High (ATH). The price is now marginally below the Top (Lower Highs trend-line) of this pattern, having just broken above the 0.382 Fibonacci retracement level, which is where the previous Bearish Leg got rejected.
This pattern has so far had two Bearish Legs, both strongly symmetrical. The 1st declined by -47%, while the second completed a -48.69% total drop. Right now it appears that we are getting out of the standard consolidation phase that kick-starts the next Bearish Leg. As long as the 1D MA200 (orange trend-line) holds as a Resistance, the pattern remains valid and the 3rd Bearish Leg should start.
A new -47% correction would put us a little under the April 09 2025 Low. As a result, our Target Zone is $1390 – $1300.
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