The Bitcoin Foundation editorial team examines what is happening with the leading altcoin and what to expect from ETH▼$1,669.54’s price in late May 2026.
Ethereum has failed to recover from recent liquidations and has confirmed a downward breakout from a triangular formation. According to CryptoQuant analysts, this increases selling pressure and raises the likelihood of further price declines.
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ETH’s Technical Picture in May
Ethereum (ETH) price has broken below the lower boundary of a narrowing triangle that had been forming in recent weeks. The short-term moving average remains below the long-term moving average, indicating a continued downward momentum.
At the time of writing, Ethereum trades near $2,130, having lost a significant portion of its recent recovery. Analyst PelinayPA notes that without a return above the breakout zone, the bearish scenario will remain dominant.
Liquidations and Ethereum Market Behavior
CryptoQuant analysts paid particular attention to the situation on Binance, one of the largest ETH derivatives trading platforms. Sharp long liquidations combined with price weakness suggest forced closures of overcrowded long positions by large participants.
Read more: Why Crypto Whales Are Accumulating Ethereum Again in May 2026
“The fact that Ethereum has failed to form a strong recovery after waves of liquidations confirms the weakness of the current market structure,” CryptoQuant noted.
ETH Price Could Fall Further
If the price does not return above the broken level, selling pressure could intensify. The next significant support zone, according to analyst estimates, lies near $1,350.
Additional negative factors include outflows from US spot Ethereum ETFs and a broader capital rotation in favor of bitcoin. JPMorgan also recently warned that Ethereum and other altcoins will continue to lag without noticeable growth in on-chain activity and DeFi engagement.
As long as technical and on-chain indicators show no signs of a reversal, consolidation or further correction remain the dominant scenarios for ETH.
Learn more: Best Ethereum Tokens and Projects to Invest in 2026
