The value of Ethereum declined below $2,600 after this recent correction in the cryptocurrency sector. A group of analysts predict ETH will drop by 6% because it now faces difficulty retaining its place as the second biggest cryptocurrency.

A major $1.5 billion theft from Bybit caused a currency market crash that drove all major coins sharply lower. The market leader Bitcoin fell below $90,000 marks for the initial time since November 2021.

During this cycle Solana slumped by 30% in five days falling to its lowest level in half a year. Even though $1.2 billion of stolen assets involved Ethereum it maintained better stability than other digital currencies. 

Ethereum Struggles to Hold $2,600 Support

At first ETH dropped by 10% but over the weekend recovered and held its position near its pre-Bybit hack prices. Though Ethereum tried to defend its $2,600 market floor during market volatility on Monday it was unable to prevent a decline.

Crypto analyst Ali Martinez earlier stated that ETH needs to maintain $2,600 to keep growing on the upside. He forecasted ETH would slide to $2,400 when price dropped through this support range. 

After the dip Martinez recognized $2,425 as a critical support point because this level received combined buying by 10.33 million wallets with a total of 63.43 million ETH. After gaining strength ETH could not preserve the higher mark it reached on Wednesday as it lost value and returned to $2,300 within 1 day.

If #Ethereum $ETH falls below $2,345, over 2 million investors holding 58.88 million ETH will be in the red! pic.twitter.com/Sf6ElYUPKd

— Ali (@ali_charts) February 26, 2025

According to Martinez the $2,345 support block holds great importance because more than 2 million investors have combined to buy 58.88 million ETH there. The cryptocurrency market would lose much of its existing investors if Ethereum decreases through this important support point.

ETH faces a potential 6% decrease according to Carl Runefelt because it must defend its current price range of stability. He tells investors to monitor the developing bearish flag pattern on the hourly chart since it could push ETH value to $2,000 if the formation becomes clear. 

Runefelt thinks Ethereum will next move toward $2,180 when it fails to maintain the $2,320-$2,330 zone.

Ted Pillows Identifies Short-Term ETH Rally

A technical analysis by Ted Pillows reveals positive signals on ETH price patterns from a three-hour chart perspective. His research indicated ETH might return to $2,600-$2,700 before declining. Pillows thinks the future price rally represents only a brief market push before a downward trend continues.

$ETH bullish divergence.

I'll keep pointing out bullish signs for Ethereum, whether you like it or not.

A short-term rally towards $2,600-$2,700 looks possible. Let's hope it's not a dead cat bounce. pic.twitter.com/p1D68sP7Nv

— Ted (@TedPillows) February 27, 2025

According to market commentator Altcoin Sherpa Ethereum movement will most likely remain stagnant until it repeats its price actions from August 2024 when it lost the $2,900 support. He observed between August and November that ETH stayed in the $2,100-$2,800 range and current price trends match the summer of 2024 behavior.

The expert noted Ethereum must collect new funds for a long time before striving to reach new high levels. History shows that ETH will stay within its current trading band between two to three months because of FTX’s impact, 2023’s market crash, and the summer 2024 price dip.

On Ethereum’s weekly chart Titan of Crypto finds a Wyckoff Check accumulation pattern that shows the market is now challenging a significant recent breakout level. According to his analysis ETH will likely resume its upward movement if it can preserve $2,140 as support.

The present Ethereum market value stands at $2,324 but shows a 15% decrease from previous weekly pricing.