Ethereum’s recent rally has lost momentum, with the cryptocurrency coming under renewed selling pressure. According to data from CryptoAppsy, ETH declined by 2.2% over the past 24 hours, trading at approximately $2,294.77. Trading volume remains elevated, exceeding $20 billion.
Technical weakness emerges
As a leading blockchain for smart contracts and decentralized finance projects, Ethereum holds a critical position in the crypto market. Latest technical analyses indicate that the parabolic uptrend in ETH, underway since February, has come to an end. The $2,350 level has now become a key resistance, serving as both a barrier and a litmus test for short-term recovery. Analyst Ted Pillows observed the following regarding ETH’s current pattern:
Ted Pillows emphasized that Ethereum must quickly reclaim the $2,350 mark; failure to do so will likely further weaken the short-term structure.
A new upward trend is not expected unless ETH climbs back above $2,350. As long as the price remains below this zone, sellers are expected to remain in control. Market watchers now highlight $2,250 and $2,200 as important support areas to monitor in the coming days.
Support and risk levels
For Ethereum, the $2,200 to $2,150 range emerges as the most critical support zone. Turkish technical analyst Can Özsüer notes that ETH still holds above its mid-term uptrend line on broader time frames. Even if there are brief dips into this range, a quick rebound could preserve the positive outlook. However, a clear break below $2,150 would damage the short-term setup, potentially pushing the price down towards $2,050.
A complete invalidation of the medium-term uptrend would require a drop below $1,940. As long as the price stays above this level, prospects for a rebound remain in play for Ethereum.
Whale accumulation shifts
On-chain data shows that major ETH holders—those with 1,000 to 10,000 coins—have shifted their accumulation strategies in recent weeks. Wallets being tracked reflect a change in behavior after a lengthy accumulation phase. On-chain specialist Ali Charts described this shift in whale activity as an early indicator for overall market sentiment.
Changes in large investor positioning or reduced buying activity means that buyers now need to step in strongly and rapidly at key support levels. Otherwise, this trend may allow sellers to maintain downward pressure in the short term.
Spot demand slows further
Another source of weakness for Ethereum lies in fading spot demand. Crypto Rover, a well-followed voice in crypto analysis on social media, pointed out that spot market demand for ETH has fallen to its lowest level in five weeks. The aggregate spot CVD chart also confirms that recent purchasing momentum is much weaker than during previous recoveries.
According to Crypto Rover, Ethereum needs buyers to re-engage at critical support to push the price back above $2,350 for a sustainable rally.
When spot demand slumps, it becomes much easier for sellers to dominate at resistance levels. Without renewed demand, any upward movement is likely to be short-lived or weak.
Key price levels to watch
Looking ahead, Ethereum traders are focused on two major price thresholds: the $2,350 resistance and the $2,200–$2,150 support band. A breach of $2,350 could send ETH up to $2,400–$2,460 initially, and potentially as high as $2,600. Losing the $2,150 support, on the other hand, brings $2,050 into focus as a new target on the downside.
The most critical ETH levels currently are:
- Nearest resistance: $2,350
- Primary upside region: $2,400–$2,460
- Initial support: $2,250
- Strong support: $2,200–$2,150
- Deeper pullback target: $2,050
At present, Ethereum has not confirmed a decisive breakdown. However, the coin’s short-term strength is fading. Diminished spot market demand and the importance of immediate support have heightened attention on the $2,200–$2,150 range. If ETH can defend this zone, recovery prospects remain. Failing to hold could trigger another significant wave of selling.
