Ethereum dropped further this week, falling below $2,350 and then slipping under $2,320. The second-largest crypto by market cap is now trading below its 100-hourly simple moving average, and a bearish trend line is forming on the hourly chart, with resistance sitting at $2,315. The move extends a downside correction that began after ETH failed to hold recent gains — and traders are watching a cluster of support levels just below current price.
Price action this week
ETH opened the week near $2,380 but quickly lost ground. By Wednesday it was testing $2,300, and on Thursday it briefly touched $2,265 before bouncing slightly. That $2,265 level is the first line of defense. Below that, supports stack up at $2,240, $2,220, $2,200, and finally $2,150. On the upside, resistance is thick: $2,300, $2,320, $2,350, then $2,400, $2,440, and $2,450. The trend line at $2,315 is the immediate hurdle for any attempted recovery.
Technical indicators turn bearish
The MACD for ETH/USD is gaining momentum in bearish territory. The relative strength index is below 50, signaling sellers have the upper hand. Neither gauge is flashing extremes — no oversold reading yet — which suggests the correction could have more room to run if buying pressure doesn't step in soon.
What to watch now
The next few hours and days are binary. If ETH can hold above $2,265, it could try to push back toward $2,300 and challenge that $2,315 trend line. A break above would open the door to $2,350 and possibly higher. But if the $2,265 support cracks, the path to $2,200 and even $2,150 becomes the immediate downside target. No catalyst has emerged to change the bearish momentum — so it's a waiting game on whether buyers defend that first support level.
