Ethereum has broken below a multi-month ascending triangle on the daily chart, a pattern that built from February through May. The failure to reclaim the $2,400 resistance level — a major horizontal supply zone that had previously acted as support — has pushed ETH below both the 100-day moving average (around $2,200) and the declining 200-day moving average (near $2,500). That's a clear bearish posture.
The technical breakdown
On the 4-hour chart, ETH is trading inside a descending channel that has guided prices lower all month. Immediate resistance sits at the channel's upper boundary along with a horizontal supply area around $2,150, then $2,250 and the former $2,400 zone. The next major support is roughly $1,800, identified by a blue demand area and the February swing low. A daily close below the psychological $2,000 mark would increase the odds of that move.
The Relative Strength Index is hovering near oversold territory, which reflects persistent bearish momentum even as price stabilizes around $2,000 for now.
Seller dominance in order flow
The Ethereum Taker Buy Sell Ratio is sitting near 0.98, below the neutral 1.0 threshold — meaning sellers are still driving order flow. The ratio has been declining steadily over recent months, and until it reclaims and holds above 1.0, a sustainable recovery looks unlikely.
Key support at $2,000
The level to watch this week is $2,000. If ETH can't hold that line as support on a daily close, the path opens to $1,800. On the flip side, a bounce off $2,000 with volume could test the descending channel's upper boundary, but that would require taker buy volume to flip. For now, momentum is with the sellers.
