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Following a period of intense price consolidation, the Ethereum (ETH) market experienced an eventful trading week that featured a damning rejection at the $2,100 price level which has emerged as a major resistance zone in recent times. Following this bearish development, analysts continue to speculate on the future of crypto’s largest altcoin.

In an X post on March 28, a prominent market expert with X username Cryptododo7 provided valuable insights on Ethereum’s potential trajectory following its latest rejection at the $2,100 price zone. Via a technical analysis of the daily ETH/USD trading chart, Cryptododo7 hints that the ETH market sentiment is currently bearish suggesting a major downside in the coming weeks.

Within the last six months, Ethereum suffered a breakdown from an ascending channel stretching to 2023. This negative development was initiated by the formation of a one-year-long double top as seen between 2024-2025. For context, a double top is a bearish reversal pattern consisting of two peaks that reach a similar level i.e. $4.100 in ETH’s case, and are separated by a through resembling the letter “M”.

The existence of a double-top formation since early 2025 has pushed ETH into a downward spiral during which the altcoin’s value has declined by 54% as it crashed below the lower boundary of its ascending channel. Following the latest rejection at $2,100, Ethereum seems less likely to re-discover its bullish form as its price now lingers around $1,870.

According to Cryptododo7, Ethereum could undergo a sustained downtrend pointing to potential bearish targets around $1,130 – $1,200 based on the height of the now invalid ascending channel.

Beyond technical indicators, the Ethereum market is being strongly influenced by Bitcoin’s market uncertainty and general macroeconomic factors.

While the inauguration of US President Donald Trump marked a positive shift in US crypto policy as evidenced by the creation of the US Digital Stockpile Reserve among others, other administrative decisions on tariffs and international trade have negatively impacted the crypto market prices with investors selling their holdings in high-risk assets in fear of a global trade war.

Looking forward, there is likely to be any stability on the macroeconomic front as talks of a potential economic recession continue to gain traction.

At the time of writing, ETH was trading at $1,881 following a heavy 6.81% decline in the past day. ETH bulls must provide sufficient demand to break past the $2,100 to neutralize the current bearish prediction and perhaps ignite a market recovery.

Featured image from Pexels, chart from Tradingview

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