Ethereum (ETH) is trading around $2,900, down 1% over the last 24 hours and more than 10% weekly. Several days ago, ETH fell below the $3,000 level and recently tested support near $2,700–$2,800. It has yet to recover with strength.
Breakdown Pattern Raises Risk
Analyst Trader Tardigrade shared a 3-day chart showing a bear flag forming on Ethereum. This pattern is characterized by a sharp drop and is usually followed by further downside. The asset is now breaking below the lower support of the flag.
The post notes that Ethereum must close above $2,906 soon to avoid a larger drop. “It has 1 day and 19 hours to reclaim above $2,906 to avoid this breakdown,” the analyst wrote. If the breakdown holds, the target is around $1,666 based on the earlier move.

$ETH/3-day#Ethereum is breaking down from a Bear Flag, targeting $1,666
It has 1 day and 19 hours to reclaim above $2,906 to avoid this breakdown. pic.twitter.com/1Q5XZjg1qP
— Trader Tardigrade (@TATrader_Alan) January 26, 2026

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