Ethereum (ETH) fell by 9% on Saturday to the important $1,800 support level due to an increase in selling pressure in the overall crypto space. Ethereum, the second-largest cryptocurrency, is at an important technical juncture following the fall.
At the time of writing, ETH is trading at $1,853.21, down 8.02% over the last 24 hours, according to data from CoinMarketCap. Daily trading volume surged to $38.09 billion, while market capitalization declined to $222.94 billion, reflecting the magnitude of the pullback.
On February 28, 2026, crypto analyst Crypto Patel explained that Ethereum is in a descending channel since its all-time high price of $4,950. Repeated breakdowns in the structure since then indicate the trend is still in favor of the selling side.
As Patel explained, based on the chart, if the price drops significantly below the $1,800 support level of the channel, then the price of ETH may be subject to further correction, possibly towards the $1,300 region. He explained that the liquidity that is being held below $1,750 may be tested before an uptrend resumes.
However, if the Ethereum price manages to break above the descending channel, then the price may reclaim the $2,150 level, thus changing its market structure.
Momentum indicators are currently supporting the cautious view. Relative Strength Index, or RSI 14, is currently at 36.10, remaining below the 50 level.
The price of Ethereum is currently trading below all its significant moving averages, including the 20-day simple moving average (SMA) of $1,973.94, the 50-day SMA of $2,468.02, the 100-day SMA at $2,745.44, and the 200-day SMA at $3,420.38.
The MACD remains in negative territory. The histogram looks a bit positive, which suggests that the selling pressure could ease. A positive crossover above zero is required for a better recovery.
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Ethereum’s major technical support is located at $1,800. Remaining above this price point could keep price action somewhat stable, preventing a large price drop. However, if this price point fails, a volatile price drop could occur, heading towards $1,300, which is considered a possible long-term accumulation area for the asset.
With volatility being high and momentum being low, Ethereum’s short-term trajectory will depend on whether it continues to hold its current support or whether it continues to fall, which could prompt another reset.
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