Technical analysis by GKTrademanthan about Symbol ETH: Sell recommendation (5/14/2025)

Ethereum Weekly Chart Analysis (as of May 14, 2025)1. Breakdown of M-Pattern:Ethereum has clearly formed and broken down from a large M-pattern, indicating a bearish double-top structure.This breakdown suggests weakness and the potential for a deeper correction if critical support levels fail.2. Retest of Triangle Pattern:After the breakdown, ETH has retested the lower boundary of a previously broken ascending triangle.This retest aligns with the $2,746–$2,370 zone, which is now acting as a strong resistance cluster.3. Current Price Zone – No Trading Zone:Ethereum is currently trading around $2,587, right in a no-trading zone (highlighted in the chart box).This zone represents indecision — neither a clear breakout nor breakdown — suggesting traders should wait for confirmation.4. Bearish Scenario – Pin Zone Break:A break below $2,370, the key horizontal support (also the neckline of the M-pattern), would likely confirm renewed bearish momentum.If this level is decisively broken, expect a strong downward move.5. Downside Targets:First major support: $1,410 – previous swing low.Final bearish target (highlighted in purple): $1,000–$1,004 — a psychological and historical support level.6. Upside Scenario (less probable currently):ETH would need to reclaim $2,746 and break back into the triangle to invalidate the bearish setup.Only then could the long-term target of $5,391 be reconsidered.Conclusion:Ethereum is in a critical decision zone. While the macro pattern signals bearish continuation, confirmation will come on a break below $2,370. If that happens, a drop toward $1,000 is highly likely. Traders should remain cautious and avoid new positions until a decisive move occurs.