Alex Dudov
⬤ Ethereum broke down hard after losing the rising support near $2,800—a level that had been flagged as make-or-break. The daily candle closed below it, confirming the breakdown. From there, ETH nosedived straight into the $2,150 demand zone, which is now the most important level on the chart.
⬤ The chart shows multiple rejections around $3,400 before this collapse, painting a pretty bearish picture overall. Once that rising support gave way, there was nothing stopping the selloff. ETH sliced through everything on its way down to $2,150—a zone that's historically acted as strong support.
⬤ Right now, all eyes are on whether $2,150 holds. If it does, this could just be a liquidity grab before things stabilize. In that case, expect choppy trading between $2,150 and $2,700 as the market resets. For bulls to regain control, ETH needs to reclaim $2,700 first, then push back above $2,850—both major structural levels.
⬤ This breakdown matters beyond just Ethereum. Losing higher-timeframe support like this tends to ripple across the whole crypto market. How ETH behaves around $2,150 will likely set the tone for volatility and sentiment in the near term.
Alex Dudov
