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Ethereum (ETH) 
$2,686 has experienced a significant decline of 8% within the last 24 hours, dropping below the $2,100 mark. This drop was triggered by higher-than-expected U.S. Non-Farm Payroll (NFP) data, raising inflation concerns and causing volatility in the cryptocurrency market. Rising unemployment rates and the potential for aggressive Federal Reserve policies have hindered Ethereum’s ability to surpass the resistance level at $2,142. Technical indicators suggest that prevailing macroeconomic uncertainties are supporting sellers in the market.
Declining Signals in the 4-Hour Price Chart
The price of Ethereum sharply decreased after failing to break the resistance level at $2,319 on the 4-hour chart. A failed attempt to rise above the upper boundary of the Donchian Channel has increased the risk of a movement towards the psychological support level at $2,000. Indicators show that a rise in trading volume is accelerating selling pressure, with the critical support level at $2,156 needing close observation.
The close of the last six candles with a 7.53% loss indicates a loss of control among short-term buyers. Specifically, lingering below $2,100 may trigger stop-loss orders, leading to liquidity withdrawal. Analysts predict that testing the $2,000 level could deepen the search for a bottom.
Support and Resistance Dynamics in the Daily Price Chart
Ethereum is struggling to maintain its position below $2,142 on the daily chart. The lower band of the Keltner Channel at $2,009 is seen as the last line of defense for a potential recovery. However, the daily candle closing with a 2.73% drop confirms the dominance of sellers.
Failure to retest the resistance at $2,258 weakens bullish scenarios. The price remaining distant from the $2,417 mark (Keltner middle line) indicates that the downward trend continues. Experts note that if Ethereum fails to sustain above $2,100, the target of $2,009 will come into play.
