Ethereum’s MACD turned green for the first time in three months, but another chart kept the spotlight on $3,900 as a major breakout level. Meanwhile, in another setting, ETH also made a fresh comparison with Russell 2000 agency IWM, which warned of a possible flag-driven decline towards $2,400.
Ethereum MACD turns green, chart marks $3,900 resistance
ethereum Cryptocurrency trader Marlin the Trader said in a post on X that momentum indicators have issued a new bullish signal after the moving average convergence divergence line turned positive for the first time in nearly three months.
Ethereum USD 2-day price chart with MACD: Source: Merlin the Trader (via X)
However, the same chart showed a sharp two-day decline for Coinbase. ETH USD opened at around $3,325, then fell to a low around $3,058, and ended at around $3,063, down about $262, or 7.88%, based on the price panel shown in the post.
At the same time, the chart highlighted a broad support band around the mid-$2,000s. During the recent decline, the price fell into that zone and then rebounded, but the post described it as a support hold.
Still, the graphic flagged an area around $3,900 as the key overhead level. While the chart labels that zone as a level that Ethereum “needs to break,” the MACD panel below shows a bullish crossover and transition to the green histogram bar.
Chart comparing Ethereum and Russell 2000 proxies
Cryptocurrency commentator Mr. Crypto said: Ethereum X’s post combined the ETH price candlestick with a line representing IWM, the iShares Russell 2000 ETF, and said it is “starting to catch up” to the Russell 2000.
Comparison chart of Ethereum and IWM Russell 2000. sauce: Mr. Crypto Via X
This figure plots both series on the same timeline, with IWM shown by the blue line and ETH by the candlesticks. Based on the layout of the chart, the two traces followed nearly similar waves from 2024 to 2025, including a sharp decline followed by a rebound.
The far right chart highlights ETH’s recent rebound after a sharp selloff, but the IWM line appears to remain high compared to its previous range. Mr. Crypto framed that gap as one that Ethereum could close, but the image included vertical markers that hinted at a potential catch-up move.
Ethereum chart shows flag risk when $2,400 target appears
Crypto analyst Ali Martinez, known as @alicharts of X, said that Ethereum could fall towards $2,400 if the flag pattern on his chart plays out.
Ethereum TetherUS Perpetual Contract 12 Hour Flag Setting. sauce: Ali Martinez (Ali Chart)
The chart shows the 12-hour Ethereum TetherUS perpetual contract on Binance. At the time shown, ETH was trading around 3,244.47 USDT, up approximately 8.70 USDT (0.27%).
This setup resulted in a steep drop followed by a tight ascending channel formed between two upward trend lines. The latest move on the chart broke below the channel and extended into the expected downside, coinciding with Martinez’s $2,400 level.
In this image, that downside area is placed near the bottom right of the price scale, with the forecast moving from the low $3,000s towards the mid $2,000s. Martinez made the move conditional, saying the $2,400 target would apply if the structure was a flag.
