Ethereum Faces Potential Drop to $2,100 Amid Bearish Signals

Ethereum is under renewed selling pressure, with the ETH/USD pair dropping over 10% in recent sessions, falling below the critical $2,800 support level. Technical patterns, including descending and symmetrical triangles, suggest a continued downtrend, with the next major support at $2,500 aligning with the 200-week simple moving average. If this level fails, Ethereum could potentially decline to $2,100, marking a 22% drop from current prices.

On-chain metrics add to the bearish outlook, with Ethereum’s net unrealized profit/loss indicator moving into the “fear zone,” often associated with extended downturns. Additionally, the 111-day moving average crossing below the 200-day moving average signals potential for further declines. Traders are closely monitoring whether buying interest can stabilize prices at key support levels or if the bearish momentum will persist.