Ether (ETH) is under intense bearish pressure as it battles to hold key support near the $2,100 level. After a recent rejection near $2,140 and the broader resistance cluster formed by the 100-day, 20-day, and 50-day Simple Moving Averages (SMAs) between $2,150 and $2,250, ETH has slipped below all four major SMAs, reinforcing a negative bias.
The 15-minute chart reveals weakening momentum, with sellers regaining control near the 0.618 Fibonacci retracement. Momentum indicators like the RSI and MACD maintain a negative bias, though tentative stabilization signals suggest potential fatigue on further declines. Resistance now sits at the 100-day SMA, followed by the converging 20- and 50-day SMAs near $2,250. A breakout above this zone could target the upper range around $2,375, which aligns with the 38.2% Fibonacci retracement and has repeatedly capped rallies.
On the downside, a sustained move below the psychological $2,000 mark could expose the March 30 low near $1,935, and then the range floor at $1,850, last tested in late February. Compounding the bearish outlook, spot markets recorded net outflows near $35 million, adding to short-term selling pressure. Meanwhile, open interest in derivatives has stabilized between $31–35 billion as traders reduce leverage, reflecting cautious sentiment.
