Ethereum Price News: Traders say there is no reason to be bullish in 2026

Ethereum prices are still hovering in the US$1,800 - 1,900 range

Ethereum prices have been consolidating for several days in the US$1,800 - 1,900 range. Since falling sharply from a high above $4900 in August 2025, ETH has been in range volatility. Although the crypto community has some bullish views on Ethereum prices, analyst Northstar issued a stern warning on Twitter: "Ethereum-There is no reason to be bullish in 2026."

Ethereum Chart: The multi-year rising channel announced a break

Northstar's chart shows that Ethereum's price trend is operating in a clear rising channel that lasts for more than four years. This is a truly long-term structure, and its technical significance goes far beyond short-term channels. The starting point of this channel is the bottom of the bear market in 2022, which is about US$1,030-US$1,130. After ETH bottomed out here, it began to recover. Since then, prices have moved out of a series of higher highs and higher lows, repeatedly testing upper resistance and lower uptrend line support.

Between 2024 and 2025, ETH tested the upper resistance line at least three times, peaking around $3,700 - 4,700 and falling back on each attempt. At the same time, uptrend line support has been tested and held multiple times, confirming that this is a real and respected technical boundary.

The latest high (about US$4700, near July 2026) was again rejected at resistance. Prices have since fallen sharply. Crucially, prices recently fell below this multi-year uptrend line support for the first time, reaching around $1700 for a while and then rebounded to $1840.

Why the technical side is so important

This is the core argument behind the "extremely bearish" label. A trend line that lasts for more than 4 years and has been tested repeatedly represents a huge technical memory. When it finally breaks below, especially on a logarithmic graph, it usually signals a real structural shift rather than noise. Current price movements suggest that ETH is trying to regain the support line that has turned into resistance from below. This is a classic "step back confirmation" scene. Whether it fails here or returns to the line and closes above it is a key question in the near term.

Conditions for confirming a bearish scenario: was explicitly rejected around US$1,840 - 1,900 and decisively fell below US$1700. This will verify the "underbreak = extremely bearish" argument and open up room for a deeper decline, possibly returning to the channel's starting point of $1130 or lower.

Conditions for challenging a bearish scenario: The weekly closed strongly back above the old support line, currently around $1,900 - 2,000. This would indicate that the decline was only a temporary wash or false break, rather than a confirmed structural break.

Ethereum News: Fee Disconnection and the S & P Pantera Index

On-chain analysis reveals Ethereum's growing economic disconnect. In the last quarter, applications on Ethereum generated $1.8 billion in expenses, but only $88 million was retained in the base layer, accounting for 4.9%. This is because most user activity and expense generation have been migrated to Layer 2 rollover, which currently handles far more operations per second than the main network. The arguments are changing. Analysts believe that Ethereum's advantages now lie in secure institutional clearing and tokenization of real-world assets, rather than cheap transactions.

The newly launched S & P Pantera Digital Assets Index includes Ethereum, Hyperliquid and Solana, while excluding Bitcoin and XRP. The index's standards require networks to generate protocol revenue and pass on a meaningful portion to holders, favoring tokens with strong fundamentals over purely speculative assets.

Where will the price of Ethereum go?

Northstar's bearish argument is based on a multi-year technical break. The support line that has fallen below is now resistance. 1840-1900 The US dollar range is a key level worthy of attention. Here are current forecasts for Ethereum prices:

Short-term (in the next few weeks):ETH may test the $1,840 - 1,900 resistance zone. If it cannot be recovered, the next step will fall to $1700. A break below this level could open up space to $1,500 - 1,600.

Medium term (next 3-6 months): If a decline is confirmed, ETH may target the US$1,130 - 1,300 range, the starting point of the multi-year channel. This means there is still room for 40-50% decline from current levels.

Bullish failure condition: A weekly close above $2000 will challenge the bearish argument. A breakthrough of US$2200 indicates that the break is a false signal and ETH may rebound to US$2,500 - 2,800.

Personal opinion: Northstar's chart is one of the clearest bearish patterns of Ethereum I have ever seen. Years of technological breakdown are of great significance. The issue of fee retention is a real problem. The S & P Pantera index's exclusion of Bitcoin and XRP is noteworthy, but it has not changed the technical landscape. Before considering opening a position, you need to see a weekly close above $2000.