Ethereum is trading around $2,400 after getting rejected from the $2,550–$2,660 resistance zone. That rejection has already taken ETH roughly 11% below its recent high near $2,600. So, where does ETH go from here? The answer may come down to a few key price levels, especially $2,350, $2,000 and $1,800.
https://x.com/CryptoPatel/status/2100155231786979353?s=20
Key Takeaways
- ETH is trading around $2,400 following rejection from the $2,550–$2,660 resistance range, representing a decline of about 11% from its highs.
- $2,350–$2,380 is the key support range that should provide support for now; breaking this would expose ETH to the $2,000–$2,100 region.
- Breaking above $2,600 could take the spotlight to the $2,750–$2,800 region, and then towards $3,200–$3,400.
- RSI on the 4H timeframe is currently at 35.03, indicating weakening momentum but not yet being technically oversold.
- Active addresses according to Glassnode have been dropping from 488,000 to 280,000 based on the current incomplete read.
- Transaction count has been dropping from about 2.07 million to 1.45 million, though the latest bar appears incomplete.
- A sustained break below $2,000 could bring the $1,800–$1,870 support zone into play.
Eth Is Struggling Below $2,600
We have analyzed the ETH/USD daily chart, and the first thing we noticed is that the resistance level was near $2,450–$2,600. The price of ETH moved from about $2,000 to $2,600 in August. Sellers have since stepped in around the upper part of that range. The immediate resistance is at $2,457.65, with the broader resistance zone extending toward $2,600.
If ETH can close above $2,600, the next major area to watch is $2,750–$2,800. The chart marks this region as a key decision point. A break above it could put the $3,200–$3,400 area on the radar, but ETH still has to defend the downside first.
The nearest support is around $2,300–$2,350. If that level breaks, ETH could move toward the previous breakout area around $2,000–$2,100. Below that, the chart shows another major support zone between $1,800 and $1,870, with the broader macro support near $1,500.
The 4-Hour Chart Shows Selling Pressure
We had a look at the ETH 4-hour chart, and short-term momentum is still weak. ETH is around $2,404.71, below the 9 EMA at $2,428.57. That puts the price below its short-term trend indicator.
The RSI is also down at 35.03. That's close to the 30 level generally associated with oversold conditions, but there is no bullish divergence on the chart yet. For ETH bulls, $2,350–$2,380 is the area that needs to hold. If buyers defend this zone, ETH could get another attempt at $2,500–$2,600. If sellers push ETH below $2,350, the next major test would be around $2,000–$2,100.
On-Chain Data Shows Activity Cooling
The Glassnode data adds an important part to the ETH price analysis. Ethereum's market cap moved between roughly $308 billion and $326 billion during the measured period, closely following ETH's price movement between approximately $2,400 and $2,530.
Active addresses also climbed during the move higher. The metric went from around 348,000 to approximately 488,000 before falling toward the latest incomplete reading of roughly 280,000.
Transaction activity followed a similar pattern. Transactions increased from about 1.65 million to approximately 2.07 million, before falling toward 1.45 million in the latest incomplete reading.
There is one important caveat here: the final Glassnode bar appears incomplete, so those latest figures should not be treated as a full-day reading. Still, the data shows that network activity has cooled from its recent peak. If ETH wants to reclaim $2,600, a recovery in active addresses and transaction activity would provide useful confirmation.
Is $1,800 Next For ETH
For now, $2,350 is the level to watch. If ETH holds above it, buyers could attempt another move toward $2,600, followed by $2,750–$2,800. If $2,350 gives way, $2,000–$2,100 becomes the next area to watch, with $1,800–$1,870 acting as deeper support.
So the ETH price is at an important point. The market needs to decide whether this is simply a correction after the move toward $2,600 or the start of a deeper retracement.
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