Crypto analyst Minga projects that Ethereum (ETH) needs to sweep levels as deep as the $1,190–$1,148 zone before forming a legitimate macro bottom, with the token currently trapped in a multi-year range between $878 and $4,877.
ETH Weekly Range Structure
On the weekly chart, Ethereum continues to trade inside a broad consolidation band. The upper boundary sits at the 2021 all-time high of $4,877, while the lower edge rests at the 2022 bear market low of $878.
Minga's thesis is straightforward: in a range-bound market, the play is level to level.
ETH swept the 2021 high, printed a marginal new peak at $4,946, and has trended lower since.
In February, the price dropped into an untapped monthly low near $1,750, where buyers stepped in. That bounce faded quickly. A rally attempt stalled around $2,300 in Mar., and the price has since printed acceptance below $2,151, leaving ETH near the $2,000 psychological mark — stuck in what Minga describes as a directionless zone.
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Minga's Downside Targets
The $2,151 level serves as a key pivot. ETH recently attempted to reclaim it and failed, keeping bearish pressure intact.
A move back above $2,151 would shift the short-term outlook and open a path toward $2,395, where a fair value gap sits. Below that pivot, however, the bias tilts lower.
Minga expects the decline to unfold in two stages. The first target is $1,537, where a cluster of weekly equal lows creates an obvious liquidity pool. That level, though, is not the final destination.
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