ETH shows signs of recovery, but one analyst warns the structure remains corrective. Here’s why $1,000 is still a real risk for Ethereum.
Ethereum staged a recovery this week, pulling some traders back into optimism. But at least one analyst thinks that excitement is misplaced. According to Morecryptoonl on X, the current bounce still reads as corrective structure, not the start of anything new.
ETH continues to lag behind Bitcoin. That gap matters. A coin that can’t keep pace with BTC during a relief rally has a positioning problem.
The Bounce That Looks Like a Trap
“Bulls are getting excited again, but the structure still looks corrective to me,” Morecryptoonl posted on X. The analyst flagged a possible push toward $2,600 to $2,655. That move remains possible. The problem is the word “unless.”
Unless ETH reclaims key resistance levels with real conviction, the broader risk still tilts toward a larger downside phase. That’s not a soft warning. It’s the kind of language analysts use when they’re watching a setup that hasn’t broken yet but probably will.
The February low becomes the line in the sand. Something already broke in Ethereum’s structure while Bitcoin absorbed selling pressure in recent weeks. Sellers were in control of ETH taker volume. That divergence doesn’t vanish after a two-day pump.
$1,000 Ethereum Is Not a Meme
Here’s the number nobody wants to say out loud. A confirmed break below the February low, per the Morecryptoonl analysis on X, would significantly raise the probability that ETH is already heading toward the $1,400 to $1,000 region. The 4-day chart attached to the analysis shows a wave structure where the final leg, marked as wave “y” on the Elliott count, projects down to the 100% extension at $1,041.
$ETH to $1000? Looks like it.
Bulls are getting excited again, but the structure still looks corrective to me.Ethereum continues to lag behind BTC and remains below major resistance, which makes it difficult to fully trust the current bounce yet.
Another move toward the… pic.twitter.com/3gjYq7kVOr
— More Crypto Online (@Morecryptoonl) May 21, 2026
Source: Morecryptoonl
That $1,041 level isn’t random. It sits at the 100% Fibonacci extension of the broader corrective move visible on the four-day index chart. The 78.60% retracement plots at $1,818. The 88.70% sits near $1,598. Each of those levels is a potential resting point on the way down, not a floor that holds forever.
Support levels Morecryptoonl identified: $1,000, $1,800, and $1,600. Resistance sits at $2,600 and $2,655. That’s a wide gap between where price trades now and where the bulls would need to push to change the picture.
ETH has underperformed the broader crypto market by double digits in recent months. Institutional builders kept building anyway. Price and fundamentals can diverge for a long time, and usually do.
The current price sits near $2,132 on the four-day chart at time of analysis. That’s below several of the resistance clusters Morecryptoonl mapped out: $2,605, $2,655, $2,863, and $2,946. All of those levels need to fall before the bullish case has any structural basis.
Traders watching ETH this week are essentially asking one question. Is this bounce the start of a new leg up, or is it the last chance to exit before the February low cracks?
The chart, at least the one Morecryptoonl posted on X, answers that question in a way bulls probably won’t like.
