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Ethereum regained all its gains in 2025: Will the ETH decline continue?

ETH retreated to $3,300 due to $485 million in long position liquidations and a bear pennant structure, while analysts are highlighting the risk of a $2,380 price drop.

The price of ETH fell to its yearly opening of $3,330 on Tuesday, leading to liquidations of more than $484.5 million in long ETH leveraged positions.

Risk aversion among derivatives investors is weighing on the Ether price.

The ETH price chart is forming a bear pennant targeting $2,400.

Ether fell toward the $3,000 level on Tuesday and retested this psychological level for the first time since mid-July.

The largest altcoin fell as much as 16% to $3,050 on Tuesday, before recovering to its current price of $3,300, according to data.

This level coincides with the January 1 open of $3,330 and means ETH has erased its year-to-date gains, as shown in the chart below.
The latest sell-off extended Ether's correction, which has seen it fall 33% from its all-time high of $4,955 on August 24.

$485 million was erased from long ETH positions.

Ether's weak performance today occurred against a backdrop of significant liquidations across the crypto market. More than $1.7 billion in leveraged crypto positions were liquidated in the last 24 hours, $1.3 billion of which were long position liquidations.

Long Ether liquidations reached $484.8 million and continue to rise.
The largest single liquidation order occurred in a trade involving $26 million worth of ETH/USD.

The magnitude of these liquidations mirrors the liquidation event on August 1st. At that time, a total of $500 million worth of long ETH positions were wiped out, triggering a 14% drop in the ETH price between August 1st and 2nd.

The magnitude of these liquidations also mirrors the liquidation event on September 22nd. At that time, a total of $955 million worth of long ETH positions were wiped out, causing the price to drop from $4,458 to $3,825 from September 22nd to 25th.
Ether's bearish pennant is targeting $2,380.

Technically, the ETH/USD pair has formed a bearish pennant formation on lower timeframes. This pattern is a downward continuation pattern formed when the price consolidates within an upward-sloping triangle after a sharp price decline.

Ether is now retesting the lower boundary of the pennant at $3,300, which acts as immediate support.

The formation will complete when the price breaks below this level, paving the way for the downtrend to continue to the technical target of $2,380. This level represents a 29% decline from the current price.
However, the relative strength index (RSI) has risen to 33 from oversold conditions of 18 12 hours ago, suggesting that the current recovery could be prolonged given continued bearish buying.

A daily candlestick close above the $3,400 resistance level could help Ether price reach the 50-day simple moving average (SMA) at $3,700 and then $4,000. This would be a positive sign for bulls to regain control.

Ether's bullish outlook remains intact as long as the price remains above the $2,800–$3,000 region in the coming days.

The weekly chart shows a giant W formation, a classic bull market continuation pattern. The price is currently stuck at the neckline retest (around $3,000).
In response, bears will attempt to push the price below $2,750, which could invalidate the bullish double-bottom formation and potentially send the price down to $2,200.

The bears are currently in control, and a decisive close below the $3,000 psychological support level would pave the way for a deeper correction that could extend to $2,200 or below.

$ETH