Ethereum’s price action has weakened further over the past 24 hours, with the cryptocurrency falling below $3,000 and shedding about 6.8% in the last 24 hours alone. 

The immediate price action points to reclaiming this $3,000 support, but a longer-term technical view suggests the current decline may be part of a much larger and more defined price framework. A macro analysis shared by crypto analyst Dona examines Ethereum’s behavior over the past two years with a structured range that suggests that the cryptocurrency might bottom at $2,187.

Ethereum’s Two-Year Range Still Defines The Bigger Picture

According to the analysis, Ethereum has largely traded within a broad horizontal range for close to two years, aside from two notable fakeouts: one below resistance in the first half of 2025 and one above resistance in the second half of the year, which led to a new price high of $4,946 in August. On the weekly timeframe, price has repeatedly respected an upper boundary around $4,000 to $4,100, while finding consistent demand near the lower range support just above $2,100.

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This price action has resulted in a structure that resembles an inverse head and shoulders pattern on a macro scale. Instead of signaling immediate upside, however, the formation shows how price has oscillated between these defined trendlines, with mid-range reactions often determining whether Ethereum pushes to resistance or slips back toward support. 

At the time of writing, Ethereum is trading within the mid-range of the two-year range. Based on this context, the recent bearish move can be viewed less as a breakdown and more as a rotation towards the lower trendline within the same long-standing range.

Why $2,187 Stands Out As A Critical Downside Target

The chart accompanying the analysis places particular emphasis on the lower boundary of the range near $2,187. This level has repeatedly acted as a bounce floor during prior downtrends in 2024 and another one in July 2025.

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If Ethereum continues to trade below the mid-range support currently around $3,000, then the price could follow a familiar range rotation path toward this lower boundary. This move will see Ethereum fall to as low as $2,187. 

At the time of writing, Ethereum is trading at $2,928, and is still a 25% decline away from $2,187. Although this would be tragic for bullish traders, such a move would not necessarily invalidate the broader structure. Instead, it will complete another cycle within the range, similar to previous declines that eventually transitioned into a bounce for a rally phase.

One of the more notable aspects of the outlook from Dona is the expectation for subdued activity in the near term. Aside from range-bound trades, taking directional positions may be less attractive as liquidity thins into the end of the year. From this perspective, the next major move is more likely to arrive in January 2026.

Featured image from Freepik, chart from Tradingview.com

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Analysts at investment firm Bernstein have discussed in detail the Ethereum treasury companies, which have begun to emerge. The analysts highlighted specific risks around their ETH operations but declared that they remain bullish on the largest altcoin by market cap.

How The Ethereum Treasury Companies Are Unique

The Bernstein report noted how the Ethereum treasury companies are different from the Bitcoin treasury companies since the former are not just holding the asset but using it to generate yield. Companies like SharpLink Gaming, BitMine, and BitDigital have adopted ETH as a reserve asset and expanded their presence in the Ethereum ecosystem by using their holdings for DeFi activities. 

The report further noted that staking returns are currently around 3%, although it has historically surged to as high as 5%. Based on this, the analysts remarked that an Ethereum treasury company that holds $1 billion in ETH, for example, could earn between $30 and $50 million in annual yields.

However, the Bernstein analysts noted that this staking mechanism comes with its risks, especially since these Ethereum treasury companies have to deploy their holdings to earn these yields. As such, these companies face liquidity constraints, unlike Bitcoin treasury companies like Michael Saylor’s Strategy, which hold a 100% reserve at all times. 

Furthermore, these ETH treasury companies also have to deal with the risks involved in unstaking their coins, as it could take days due to the validator queue. There is also an additional risk if these companies choose to restake their coins. Bernstein also highlighted DeFi yield farming and smart contract risks. 

In line with this, the analysts opined that the Ethereum treasury companies that are likely to advance are those that adopt proper risk management with institutional-grade custody. Bernstein warned that these companies must maintain a balance between trying to generate yields while maintaining their good standing.  

Bullish On ETH As Demand Increases

The Bernstein analysts revealed that they remain bullish on ETH even as demand for the altcoin continues to increase through these Ethereum treasury companies and even the Ethereum ETFs. They expect ETH’s price to rally higher in the long run as the network’s usage also grows, thanks to its expanding stablecoin ecosystem and Real World Assets (RWAs) tokenization.  

It is worth noting that Bitwise CIO Matt Hougan recently attributed ETH’s 60% rally in the past month to the Ethereum treasury companies and Ethereum ETFs. He predicted that ETH could still further witness a demand shock, as these entities potentially purchase up to $20 billion of ETH in the next year, equivalent to 5.33 million ETH at today’s prices. 

StrategicEthReserve data shows that these treasury companies currently hold 2.73 million ETH ($10.56 billion). Meanwhile, SoSo Value data shows that the ETH ETFs boast $21.43 billion in net assets. 

At the time of writing, the ETH price is trading at around $3,865, up in the last 24 hours, according to data from CoinMarketCap.

Featured image from Getty Images, chart from Tradingview.com

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