Ethereum dipped below the $1,900 support level over the past few hours. A decisive close below such a vital demand zone will put ETH at risk of a 38% correction toward $1,200. This pessimistic outlook derives from the formation of a bear pennant pattern on the four-hour chart.
ETH 4-hour chart
Ethereum would have to claim $2,100 as support for a chance of invalidating the bearish thesis, which appears like a challenging tasks due to the low trading volumes in the cryptocurrency market.