• Ethereum loses ascending triangle support and forms a falling wedge, placing $1,680 demand zone in near-term focus.
• Repeated rejections at $1,824 and lower highs show bearish pressure building as ETH struggles to stay above $1,700.
• With no momentum indicators present, price action alone points to potential retest of $1,680 support before any recovery.

According to analyst The Cryptomist, Ethereum slid below key ascending triangle support on the 4-hour period, raising concerns of further downside risk. The asset traded at $1,772.5 at the time of analysis, reflecting a minor intraday gain of 0.28%. Price action opened at $1,768.6 and ranged between $1,774.6 and $1,767.5. 

However, despite a brief rebound, ETH remains under pressure within a newly formed falling wedge. The breakdown follows an earlier failed breakout near $1,824.5, signaling weakening bullish momentum. This shift in structure now places Ethereum at risk of revisiting the $1,680 demand zone from mid-April.

Price Structure Breaks Down from Previous Consolidation

Ethereum maintained a tight sideways range between $1,800 and $1,840 before the current decline. This phase followed a bullish breakout in late April, which originated near $1,680. That move marked the end of a multi-week bearish cycle and led to a short-lived bullish trend. However, ETH recently invalidated the ascending wedge support, forming a descending channel instead.

Source: The Cryptomist

The new pattern shows lower highs and lower lows, indicating growing bearish pressure. A false breakout above $1,824.5 accelerated selling interest. Repeated rejection from descending trend resistance confirms persistent supply at higher levels. Price briefly touched an intraday low near $1,767 before recovering slightly. Still, it trades within a compressed range that signals hesitation and uncertainty.

Key Support and Falling Wedge Form Technical Crossroads

A clearly marked horizontal support zone between $1,660 and $1,700 may soon come into play. This level previously served as an accumulation area and could act as a pivot. Additionally, the current falling wedge structure often precedes reversals when accompanied by strong volume.

Besides, if ETH fails to hold above $1,700, the next higher low could establish near $1,680. Conversely, if the wedge resolves upward, Ethereum may retest the $1,950 zone. Momentum indicators remain absent, so price structure holds the primary clue. Moreover, Ethereum continues to post lower highs and navigates a short-term bearish trend, with immediate upside resistance near $1,840.

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