Ethereum price today trades near $1,954, trading flat in the past 4 hours as the token consolidates inside a tightening symmetrical triangle pattern. The move comes as Bitwise senior research associate Max Shannon warns $ETH could crash 22% to $1,500, while analysts dispute claims that 50% of supply is staked.
Analyst Warns Of 22% Drop To $1,500 As Worst Streak Looms
According to Max Shannon, senior research associate at Bitwise, Ethereum price risks crashing 22% to hit $1,500 as it tracks toward its worst losing streak in history. If the second-largest cryptocurrency continues falling in March, it would approach the seven-month slump that extended between May and November 2018.
The warning comes as $ETH trades 55% below its December highs above $4,300. A decline to $1,500 would represent a 23% drop from current levels and place $ETH just 6% above the February low of $1,588. The 2018 bear market saw Ethereum drop 94% from peak to trough, with the seven-month losing streak becoming legendary among traders.
Analysts Dispute 50% Staking Milestone As Misleading
Santiment claimed more than 50% of all $ETH issued historically is now in the staking deposit contract, but analysts quickly disputed the figure as misleading. Luke Nolan, senior research associate at CoinShares, told CoinDesk the claim is “inaccurate, or at least materially misleading.”
Nolan explained that roughly 80 million $ETH have passed through the staking contract historically, but only about 37 million $ETH, approximately 31% of current supply, is actively staked today. The Beacon deposit contract balance reflects cumulative deposits since launch and doesn’t decrease when validators exit.
“While $ETH is sent into that contract when validators stake, it is not a permanent sink,” Nolan said. Withdrawals have been enabled since the Shanghai upgrade in 2023, allowing validators to exit and return $ETH to circulation. Aleksandr Vat, BizDev at Ethplorer.io, confirmed active staking metrics show 37,253,430 $ETH presently staked, representing 30.8% of total supply.
The clarification matters because overstating staking levels can create false narratives about supply dynamics. However, even at 31%, Ethereum’s staking participation remains significant, with recent validator growth concentrated among large entities like Bitmine and U.S.-listed ETFs.
Open Interest Rises As Symmetrical Triangle Compresses
$ETH Derivative Analysis (Source: Coinglass)
According to Coinglass, Ethereum’s open interest increased 0.86% to $26.10 billion, while volume fell 6.94% to $39.99 billion. Options volume surged 16.33% to $1.06 billion, with options open interest rising 3.17% to $7.11 billion, signaling traders are positioning for a significant move.
Long/short ratios show 2.72 on Binance and 2.77 on OKX, indicating leverage remains heavily skewed toward longs. Top trader positioning shows $3.49 million in longs versus $9.52 million in shorts on 12-hour timeframes, a rare short bias among large accounts suggesting they’re positioned for downside.
When options activity surges while spot volume declines, it typically indicates traders expect volatility but are uncertain about direction. The combination of rising open interest and options positioning confirms the market is preparing for the triangle resolution.
Symmetrical Triangle Apex Approaches Decision Point
$ETH Price Dynamics (Source: TradingView)
The 4-hour chart shows Ethereum trapped inside a symmetrical triangle pattern with resistance near $2,050 and support at $1,900. Parabolic SAR sits at $1,995, just above current price. All major EMAs remain overhead: 20-day at $1,966, 50-day at $1,997, 100-day at $2,105, and 200-day at $2,342.
The chart shows:
- Symmetrical triangle apex approaching within days
- SAR at $1,995 as immediate resistance
- All EMAs stacked as overhead resistance
- $1,900 triangle support as critical level
Ethereum has compressed inside this triangle since mid-February, with each attempt to break out failing at lower highs. The apex of the triangle is approaching, forcing a breakout or breakdown within the next few days. Triangle patterns typically resolve with a move equal to the height of the pattern, which in this case projects targets near $2,300 on a breakout or $1,700 on a breakdown.
A close above $2,050 would break triangle resistance and place $2,105 back in range. A breakdown below $1,900 would expose $1,800 and eventually the $1,588 February low. Shannon’s $1,500 target would require losing the triangle support decisively.
Outlook: Will Ethereum Go Up?
The next move depends on whether $ETH can hold $1,900 triangle support or break above $2,050 resistance.
- Bullish case: A close above $2,050 with volume would break the triangle and project targets near $2,300. Reclaiming $2,105 confirms trend reversal and invalidates the $1,500 crash scenario.
- Bearish case: A breakdown below $1,900 exposes $1,800, with further downside toward Shannon’s $1,500 target if selling accelerates. Losing $1,900 confirms the triangle breakdown.
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