Ethereum broke down from a primary shaded wedge pattern this week, hitting $2,070 and triggering a mass liquidation of overleveraged positions. The price has since stabilized above a long-term rising support line, with analyst Lingrid identifying a buy zone between $2,100 and $2,135. The next target is $2,300 as institutional staking inflows surge during the dip.
Leverage Flush Completed
The breakdown from the wedge pattern wasn't random. It dropped ETH to $2,070 precisely as gas fees hit a 12-month low of 3 gwei on May 20. That cleared out overleveraged traders fast. The move looked intentional. It wasn't just a dip—it was a purge.
Macro Support Holds
ETH's holding above the long-term rising support line matters. That level has bounced the price repeatedly for months. It's the bedrock. Lingrid says this confirms a structural bottom is in place. No more panic selling here.
Kill Zone Entry
Lingrid calls $2,100 to $2,135 the 'Kill Zone' for entries. It's narrow but critical. A stop-loss at $2,040 protects against further breakdown. The target? $2,300 where the upper internal trendline sits. That's the next obvious resistance.
Institutional Shift
Staking inflows jumped over the last 24 hours. Big players are buying the dip quietly. The engineered retail flush made room for this. Institutions accumulated while the price was down. Now they're positioned for the next leg up.
They expect a rapid move to $2,300 once accumulation ends this week.
