Ethereum Price Analysis of March 7, 2025: Ethereum Plunges from $2320 to $2100: Is ETH on the Way to Mark a New 52-Week Low?

The Ethereum price trend is moving to the downside after showing bullish momentum in recent days. If you are tracking Ethereum and wondering why a nicely upward-moving trend suddenly reversed to the downside, then this analysis is for you. As we go through the analysis, we will determine the support and resistance levels and possible scenarios in which Ethereum might trade in the coming sessions. Ethereum is showing a bearish sentiment as the Ethereum price today is moving down. Without any further delay, let’s dive into the Ethereum price analysis and see what’s happening.

Ethereum Price Analysis of the Last 24 Hours

At 19:00 UTC, Ethereum spiked to the upside and formed a channel. The channel continued its upward movement and broke out to the upside at 01:45 UTC, corroborated by a Golden Cross of MACD at the same time, showing the conviction of the buyers. RSI moved above the level of 70, indicating an overbought situation in the market. Ethereum failed to form a spike from the channel breakout and formed another channel along the upper trendline of the previous channel, marking the high for the day at $2,320 at 05:55 UTC on 6th March.

Chart 1: Analysed by vallijat007, published on TradingView, March 7, 2025

After marking the high, the price dropped to the bottom of the channel and broke out from the downside of the channel, forming a range. The range broke out to the downside at 12:35 UTC and formed a spike and channel pattern. RSI dropped below the level of 30 at 12:45 UTC. At 14:30 UTC, the price broke the downward-moving channel to the downside, but the breakout did not sustain, and Ethereum broke out to the upside of the channel at 15:05 UTC, corroborated by a Golden Cross at the same time.

Key Patterns and Breakouts in Ethereum Price Analysis

At 15:14 UTC, Ethereum formed a Double Top pattern in the price, and the price dropped, breaking the recent low, showing the conviction of the sellers. At 17:50 UTC, RSI dropped below the level of 30, reflecting the oversold market condition. At 18:15 UTC, the price broke out to the upside of the downward-moving channel with the support of a MACD Golden Cross at the same time, but the price failed to form a spike and instead formed an upward-moving channel.

The upward-moving channel broke out to the downside at 00:15 UTC on 7th March, followed by a very narrow channel, marking the low of the day at $2,101. In the meantime, RSI remained below the level of 30, and a Golden Cross also appeared in MACD at 01:15 UTC. A converging triangle pattern appeared in the price, which broke out to the upside at 04:20 UTC. If the breakout succeeds, then the first target is the resistance level of $2,225, and if the breakout fails, then the first target should be the support level of $2,100.

Ethereum Faces Bearish Pressure: Will a Reversal Follow?

As analyzed above, the Ethereum price trend is currently facing bearish pressure and moving down. The recent spike to the downside may prove to be a sell climax, and the price might show bullish momentum. If it breaks the resistance level, then the price might form a trading range. However, if the Ethereum price today breaks the support level, the selling may continue, and the downward trend will remain intact. Traders and investors are advised to look at the chart themselves and analyze it accordingly.