Ethereum (ETH) is facing significant bearish pressure, with its price slipping below key support levels and testing a crucial zone between $2,150 and $2,200. The second-largest cryptocurrency by market cap started a fresh decline from the $2,330 zone, breaking below the $2,250 and $2,220 levels.
Technical analysis reveals a break below a bullish trend line with support at $2,210 on the hourly ETH/USD chart. ETH traded as low as $2,176 and is currently consolidating losses below the 23.6% Fibonacci retracement level of the move from the $2,329 high to the $2,175 low. At the time of writing, ETH is trading at $2,181.19, down 2.89% over the past 24 hours, with a trading volume of $28.19 billion and a market cap of $263.38 billion.
The price is now trading below $2,250 and the 100-hourly Simple Moving Average (SMA). Technical indicators show a mixed picture: the Hourly MACD is gaining momentum in the bearish zone, and the RSI for ETH/USD is below the 50 zone. On the daily timeframe, the RSI sits at 53.53. ETH remains above its 20-day SMA ($2,117.30) and 50-day SMA ($2,080.00) but below the 100-day SMA ($2,360.14) and 200-day SMA ($2,918.05).
Analysts are closely watching the $2,150–$2,200 support zone. Analyst Ted noted that risk-off sentiment across global markets, partly driven by failed US-Iran talks, pushed ETH close to this critical level. He stated that if this zone holds, ETH could push for another leg higher. However, a break below $2,150 could see the price dump towards the $2,000 psychological level.
Further weekly chart analysis from Ali Charts suggests deeper support levels at $1,550 and $1,070 if the current support fails, based on a potential parallel channel pattern. The daily chart indicates that losing the $2,155 area could lead to a move toward $2,015, with $1,775 as another potential support zone.
For a recovery, ETH needs to hold above the $2,140–$2,175 zone. Immediate resistance is seen near $2,210, with the first key resistance at $2,235. A clear move above the $2,250 resistance (the 50% Fib level of the recent down move) could send the price toward $2,290 and potentially $2,320–$2,350. The next major target beyond that is around $2,624.
