Peter Smith
⬤ Ethereum (ETH) tried pushing higher but hit a wall right at $2.1K—a zone that previously kept price afloat but now acts as a ceiling. That purple-marked level flipped from support to resistance after the breakdown, blocking ETH from getting back into bullish territory.
⬤ The rejection tells the story. After the bounce attempt, ETH got knocked back down from that same spot, proving the level now works against bulls rather than for them. Without breaking back above this area, any rallies look like temporary relief rather than genuine reversals.
⬤ The focus now shifts to higher timeframe support lower down. The chart points to a green demand zone that lines up with early April lows—that's likely where ETH heads next if selling pressure keeps up. The setup basically screams downside unless something changes fast and price claws back above the lost $2.1K range.
⬤ Since that level still hasn't been recovered, traders should expect more downward movement in the short term. The market's basically waiting for proof of strength before any lasting turnaround can happen. ETH's next move depends entirely on whether bulls can recapture that former support zone that's currently acting as resistance. Until then, the path of least resistance points down toward deeper support areas where real buyers might show up.
Peter Smith
