A technical analyst has issued a stark warning about Ethereum's price trajectory, suggesting the cryptocurrency could fall to as low as $600 if a critical support level fails to hold. The analysis focuses on the $1,382 low recorded in April 2025, which serves as the lower timeframe invalidation level in the current wave structure. This level is crucial for determining whether Ethereum will continue its decline below the four-digit mark.
As long as Ethereum remains above the $1,382 support level, the Wave 2 scenario remains valid and the price could still transition into a new impulsive cycle to the upside with a potential target of $8,400. However, a breakdown below this critical level would invalidate the entire wave count and open the door for much deeper declines. ETH would need to shed about one-third of its current value to reach that invalidation point.
Given Ethereum's 29% decline in Q1 2026 and the February 6 low at $1,743, the analyst suggests the $1,382 level is not out of reach under persistent selling pressure. If that support fails, Fibonacci extensions point to potential lows between $600 and $900, representing a catastrophic decline from current levels around $2,000.
