Ethereum’s price declined sharply, trading near $2,189 amid broad crypto market weakness led by Bitcoin. Analysts note ETH’s structure remains bearish, with key support at $2,120 and resistance at $2,800. Momentum indicators, including the RSI and MACD, continue to signal downside pressure as the asset trades below all major moving averages.
Ethereum extended its losses as selling pressure across cryptocurrency markets persisted. The asset was trading at $2,189, down 10% over 24 hours, according to data from CoinMarketCap.
Analyst CRYPTOWZRD stated on X that “the overall structure of Ethereum is still weak because of the dominance of Bitcoin.” The analyst noted the ETH/BTC trading pair also shows weakness against the market leader.
Ethereum is approaching the $2,120 level, identified as crucial short-term support. The primary resistance level remains near $2,800.
The weekly Relative Strength Index sits at 33.87, well below its signal line. Price action is below the 20, 50, 100, and 200-week simple moving averages.
Momentum indicators align with the bearish trend. The MACD line and histogram remain negative, suggesting continued selling pressure.
