The latest Ethereum price structure is starting to look a pattern that has previously led to a major decline, and one analyst believes that the signal is already playing.
The technical breakdown shared by Leshka.eth on X points to a SuperTrend reversal on the daily time frame, which is a setup that always leads to a big drop in ETH. The building is not new, but the way it has been rebuilt has raised concerns. If everything goes according to plan, then the price of ETH can crash up to $1,200.
The SuperTrend indicator has reversed again
I The SuperTrend indicator is a a trend-following tool that plots dynamic support and resistance levels based on price volatility. This indicator reverts to the daily time frame of Ethereum. In accordance with chart analysis is Leshka.eth, this is the third time this setup has appeared in the current cycle, and the previous two cases ended in huge losses.
The first event, which formed between October and November 2025, saw Ethereum hold a support zone before breaking down. The subsequent fall measured about 45.03%, a selloff that wiped out most of the gains from the beginning of the year. Notably, this selloff saw the price of ETH fall from above $4,750 to below $2,750.
The second setup takes place in early 2026. Again, the price of ETH seemed to find a footing at a support level in early January, but that support finally gave way during the second half of the month. This eventually led to a decline that looked like the first major episode, with the price of ETH falling below $1,850 in the first week of February 2026.
Likewise change now which happens again. The SuperTrend has turned red, and this puts Ethereum in an all-time low.
A Line in the Sand
The view from this analysis puts an important level to watch at $1,990. This is where the current SuperTrend reversal is forming, and it is a make or break point for ETH’s near-term outlook. The chart shows a dashed horizontal line as support around the $1,990 price level as a line in the sand. that must not be violated.
The price has already tried to rise to $2,300, as seen in the chart above but that motions are denied. According to Leshka.eth, if $1,900 is broken, then the next target is the $1,200 area.
Chart annotations point to a drop of around 45% to 48% after the same setup, and applying that range to the current structure projects Ethereum’s next big spot around $1,200.
Featured image from iStock, chart from Tradingview.com
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