Crypto analyst Minga outlines a bearish case where Ethereum must drop to the $1,190–$1,148 range to form a true macro bottom. The thesis notes ETH recently failed to reclaim the $2,151 pivot level, keeping near-term pressure intact. The projected decline is expected in two stages, first to $1,537 before a final sweep lower.
This sets a clear technical downside target and reinforces selling pressure below $2,151. A break above this pivot would be needed to invalidate the bearish structure. Current trading shows ETH closed indecisively, with analysts waiting for a better intraday chart structure to engage with the next trade.
A retest of the $2,100 resistance and a bullish rejection could offer a short opportunity. MACD indicators show bearish signals but with histogram shrinking, suggesting seller exhaustion may be starting. Key level to watch is $2,300, which must hold as resistance for any bullish confirmation. The market is waiting for a decisive break above or below $2,100 to determine the next short-term move.
