Ethereum May Fall to $1,600–$1,800, Analysts Warn

Ethereum drops below $2,500 as analysts eye $1,600–$1,800 zone, while ETF outflows and BitMine losses deepen pressure.

Ethereum continued its decline on Tuesday, trading below $2,500 amid broader crypto market weakness.

Analysts now warn that deeper downside remains possible, with several pointing to lower price zones.

The sell-off has increased unrealized losses for large holders, including Tom Lee’s BitMine, while on-chain data shows rising exchange inflows.

Analysts warn Ethereum could test lower price zones

Several analysts have outlined downside targets as Ethereum extends its pullback.

Analyst Jake Wujastyk said Ethereum could trade between $1,800 and $1,850 if selling pressure accelerates.

His comments followed Bitcoin’s recent decline, which triggered large liquidations across the market.

Another market analyst, G. Martin, said Ethereum’s higher timeframe structure still appears stronger than Bitcoin’s.

However, he noted that current price action and technical signals continue to point toward a sustained downtrend. He added that Ethereum often follows Bitcoin’s broader market direction.

Martin also identified potential support zones if the decline continues. He said the $2,000 to $2,200 range could attract buyers.

He added that the $1,600 to $1,800 zone could become a key area if market stress deepens.

Whale activity and exchange flows increase pressure

On-chain data shows increased whale activity during the recent decline. Reports indicated that Ethereum co-founder Vitalik Buterin moved ETH worth about $44 million.

The transfer occurred while prices remained under pressure across major exchanges.

Other large holders also moved funds to exchanges. On-chain analytics firm Lookonchain reported that Garrett Jin deposited over 3,000 ETH into Binance.

The transfer followed the liquidation of his large ETH long position earlier in the day.

Another analyst, Ali, reported that more than 60,000 ETH moved to exchanges within 72 hours.

These transfers coincided with sharp price drops. The data suggests that selling pressure has remained steady rather than isolated.

Related Reading: $12.4M Gone: Ethereum Whale Tricked by Fake Galaxy Address

BitMine losses and ETF outflows add to weakness

Tom Lee’s BitMine has seen its unrealized loss grow to about $6 billion following Ethereum’s decline.

BitMine began accumulating ETH when prices were near $2,540 in early 2025. Ethereum has since fallen below those levels.

This week, BitMine acquired more than 40,000 ETH, increasing its exposure. Reports show the firm holds around 3.5% of Ethereum’s circulating supply.

The recent price drop has reduced the value of these holdings.

ETF data also shows continued outflows. According to SoSoValue, spot Ethereum ETFs recorded a weekly net outflow of $327 million.

These withdrawals added to downward pressure during the sell-off.

Exchange netflow data provides further context. Ethereum began declining from $3,100 as outflows increased in late January.

Sharp withdrawals aligned with price drops toward $2,400, reinforcing short-term weakness.