Analyst flags Supertrend bull-trap risk for Ethereum, with $1,990 in focus and $1,200 next

Ethereum (ETH) could slide about 40% toward the $1,200 area in the coming weeks if the $1,990 level fails, based on a Supertrend fractal cited by Leshka.eth. The analyst says similar bullish flips in October 2025 and January 2026 preceded 45% and 48% drops, while macro stress, ETF outflows and weak accumulation by large holders add to downside risk.