Ether has suffered a sharp pullback over recent days, breaking below a key support level and raising concerns that the broader downtrend may not yet be complete.
The ETH/USD pair has fallen more than 10% in just three days, slipping under the closely watched $2,800 zone for the first time since early December.
That breakdown has weakened confidence among traders, with many now focusing on lower price levels that could come into play if selling pressure persists.
At the time of writing, Ether was trading close to $2,700, a level described by analyst Metacryptox as a critical battleground for bullish market participants.
“A failure to hold here confirms the bearish dominance, potentially opening the doors to the $2,500 mid-range,” Metacryptox said.
Technical patterns converge near $2,100
From a chart perspective, Ether has breached the horizontal support of a descending triangle, a formation that often signals trend continuation to the downside.
The next significant area of support sits near $2,500, which also aligns with the 200-week simple moving average, an indicator closely followed by long-term investors.
If that level fails to attract sustained buying interest, technical projections point toward a deeper slide toward the $2,150 to $2,100 region.
Veteran trader Peter Brandt has highlighted that Ether has also broken down from a symmetrical triangle, placing the “burden of proof” firmly on bulls.
Based on the width of that formation, the measured downside target sits near $2,100, representing a potential decline of more than 20% from current levels.
Momentum indicators add to the cautious outlook, with the relative strength index dropping sharply from January highs and signalling weakening buying strength.
Onchain data echoes early bear market signals
Beyond price charts, onchain metrics are also flashing warning signs that mirror previous market downturns for Ether.
The net unrealized profit and loss indicator has shifted from the “anxiety” zone into the “fear” zone, a transition historically associated with prolonged corrections.
This measure tracks the balance between unrealized profits and losses across the network, offering insight into broader investor sentiment.
In past cycles, similar moves into the fear zone coincided with extended periods of declining prices before a durable bottom was formed.
Additional concern comes from moving average crossovers, with the 111-day moving average now trading below the 200-day average.
Comparable setups in 2018 and 2022 preceded deeper drawdowns, suggesting Ether may still face further downside before stabilising.
