Ethereum (ETH) slid back toward the $2,000 mark this week, and the chart structure now points to a possible decline toward $1,800 if that long-watched floor gives way.
Key Points
- Ethereum closed below $2,000 in late May for the first time since March, then clawed back just above the level.
- A break under the daily ascending triangle left $2,400 as resistance and $1,800 as the next major support.
- Order flow still tilts toward sellers, with the taker buy sell ratio stuck near 0.98 below the neutral line.
Ethereum Breaks Below Triangle Support
Ethereum dropped beneath $2,000 on May 28, a level it had not breached to the downside since March. The slide followed a clean break through a $2,100 floor that had held across three separate tests earlier this month. Rising trading volume on the breakdown suggested the move was real rather than a brief shakeout, and the weekly candle closed near its low.
That move confirmed a breakdown below the ascending triangle that had built on the daily chart between February and May, ending months of higher lows.
Price now trades below the 100-day moving average near $2,200 and well under the declining 200-day average around $2,500. The $2,400 band sits above as the main barrier, lining up with a major supply area and the former breakout zone. The RSI has slipped toward oversold territory, a sign of steady downside pressure that has lingered even after price steadied close to $2,000.
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Sellers Keep Grip On Order Flow
On the four-hour chart, Ethereum has kept drifting lower inside a descending channel that has steered price action through May. The token has dropped roughly 5% over the past week as wider sentiment soured into extreme fear, and buyers have yet to mount a convincing reaction off the $2,000 demand zone.
The channel's upper edge near $2,150 marks the first real hurdle on any move higher. Heavier resistance then stacks at $2,250, followed by the supply zone near $2,400 that has rejected price repeatedly. A daily close under $2,000 would expose the channel's lower edge and lift the odds of a slide toward $1,800.
Order flow points the same way, with the taker buy sell ratio reading near 0.98 and holding below the neutral 1.0 line. Readings under that mark show aggressive sellers still outpacing buyers across exchanges, and a durable recovery would likely need the ratio to reclaim and hold above 1.0.
Ethereum has now strung together a long run of weekly losses, sliding from April highs near $2,500 as the token tracked weakness across tech stocks. Net inflows into spot funds have not picked up meaningfully since a brief surge in April, keeping a key source of demand on the sidelines. It opened the year near $3,000 before drifting steadily lower through the spring as recession worries weighed on risk assets.
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