The Murray Bombers started strongly by racing out to a 7-1 lead, but the Demons battled back throughout the remainder of the first period to only trail 14-12 at the first interval.
The two sides played out an even second quarter, Echuca at one stage holding a six-goal advantage that was slowly walked down, the Demons closing the first half by netting eight of the last 12 baskets.
Bronwyn Slater’s side led 27-25 at half-time, though the third period would see the match start to turn in the Demons’ favour.
Echuca was up 33-30 after 36 minutes before United scored eight of the next nine goals to suddenly hold a 38-34 lead.
The Murray Bombers closed the period by scoring the last three baskets, but were behind 38-37 entering the fourth.
The Demons got the jump early in the final period, scoring six of the first eight goals to open up a five-goal lead, up 44-39 with nine minutes to play.
But in another momentum shift, Echuca scored the next five unanswered to tie the match and with a minute to play it held a one-goal lead, 48-47.
Despite seemingly finishing the stronger, the Murray Bombers let their guard down in the final minute, as United goal shooter Ellie Robinson scored twice to put the Demons in front, Echuca falling 49-48.
The Murray Bombers had a path to taking out the minor premiership in their own hands entering the clash at Deakin Reserve, but now could fall out of the top two.
Echuca (15-2) is currently second going into round 18, but will face new leader Mooroopna in its final match, one the Murray Bombers will have to win to have a chance at first.
Even a victory might not be enough, as third-placed Euroa is only behind Echuca on percentage.
The Magpies will be expected to beat winless Kyabram by a big margin in their final regular season hit-out, potentially providing enough of a boost to their percentage to overtake Echuca should the two sides finish with the same record.