ETH Price Analysis: Downtrend Persists, Support Seen at $2,100–$2,000

• Ethereum remains in a clear downtrend, trading below both the 50-day and 200-day moving averages with bearish momentum indicators.
• Immediate support is around $2,100–$2,000, while resistance levels lie at $2,400 and $2,800–$3,000.

Ether (ETH), the second-largest digital asset by market capitalization, extended its recent downturn on Wednesday, with the price retreating to as low as $2,109.06 before staging a modest rebound. At the time of writing, ETH is trading around $2,171.77, down 4.12% over the past 24 hours, reflecting notable weakness following earlier sell-off pressure. The token’s market cap stands at $262.11 billion with 24-hour volume jumping 52%, signaling elevated trading activity amidst recent volatility.

Market participants pointed to broad risk-off sentiment and heightened selling pressure in crypto markets as key drivers behind the move lower. A significant sell-off across major assets has led to substantial liquidations in leveraged ETH positions, contributing to downward price momentum and reinforcing bearish market behavior. Recent data show that heavy liquidations and exchange inflows suggest large holders are reducing exposure rather than accumulating.

ETH Technical Picture Shifts to Negative

According to the ETH/USDT daily price chart, Ethereum remains in a descending channel on the daily timeframe, characterized by lower highs and lower lows since failing to hold above the $3,000 level. The 50-day moving average ($2,968.90) has recently crossed below the 200-day average ($3,509.54), forming a “death cross”, a classic warning signal often associated with extended declines. Price currently trades well below both moving averages, underscoring the prevailing downtrend. 

(Source: TradingView)

Bollinger Bands also reflect continued weakness. The middle band (20-day SMA) is near $2,833.71, while the lower band sits at $2,138.85. ETH briefly traded close to the lower band, suggesting strong selling pressure, though the slight rebound indicates short-term stabilization rather than a confirmed recovery.

(Source: TradingView)

Zooming in the momentum indicators remains negative. The RSI on the daily timeframe is around 38, staying below the neutral 50 level and signaling weak buying strength. Meanwhile, the MACD indicator shows the MACD line near -216.99, the signal line around -117.09, and the histogram at approximately -99.90, confirming that bearish momentum continues to dominate.

Broader crypto market trends are impacting ETH as well. Open interest in futures markets subdued and funding rates negative, reflecting bearish sentiment and reduced speculative demand. If selling pressure resumes, Ethereum may retest support near the $2,100–$2,000 range. On the upside, resistance remains near $2,400, followed by stronger resistance at the $2,800–$3,000 zone, where multiple technical indicators converge.