Ethereum price eyes $1.8K as TVL hits 13-month low

Ether's price action is signaling a potential 14% decline to $1,800 as it trades within a classic bearish continuation pattern, according to technical analysis. The move comes as total value locked (TVL) on the Ethereum network has fallen to its lowest point in 13 months, reflecting reduced activity across decentralized finance (DeFi) protocols. This TVL decline mirrors broader capital rotation out of Ethereum-based applications, often correlating with weaker price momentum. Meanwhile, Bitcoin dominance has been climbing, suggesting that traders are shifting preference toward BTC amid macro uncertainty, which historically pressures altcoins like ETH. The current setup also echoes patterns seen in previous crypto cycles where post-halving periods saw initial BTC rallies followed by altcoin underperformance.

The bearish pattern, identified by analysts, suggests that ETH could extend its recent losses if key support levels break. The TVL decline indicates that capital is flowing out of Ethereum-based applications, which often correlates with weaker price momentum. Live crypto prices and charts on NowPrice show ETH trading near the pattern's breakdown zone, with traders closely watching for confirmation. Adding to the pressure, exchange reserves for ETH have been rising, signaling potential selling intent, while miner break-even economics remain strained as network fees drop. On-chain data also reveals whale concentration has increased, meaning large holders could amplify any breakdown. Furthermore, the correlation between crypto and traditional markets remains relevant: rising US Treasury yields and a strengthening DXY have historically weighed on risk assets, including ETH, as liquidity tightens.

For digital asset traders, the combination of a technical breakdown and falling on-chain activity creates a cautious outlook. The next key level to monitor is the $1,800 target, which also aligns with previous support from earlier this year. A break below that could open the door to further downside, while a reversal would require a reclaim of higher resistance levels. ETF flow dynamics add another layer: while spot Bitcoin ETFs have seen steady inflows, Ethereum ETFs have lagged, reflecting institutional caution. If ETH fails to hold $1,800, the next major support lies near $1,500, a level that coincides with the 2023 lows. Conversely, a reclaim of $2,200 would signal renewed strength, but that appears unlikely without a catalyst such as a DeFi revival or broader risk-on shift.