Ethereum (ETH), the second-largest crypto by market cap, is trading at around $2,900 after falling by about 8% over the past week.
Market activity remains high, with 24-hour trading volume at $31.3 billion. Traders are watching price levels as pressure builds around key support.
Breakdown Signals Further Weakness
Ethereum has broken below a rising trendline, ending a short period of upward movement. The asset now appears to be following a wider downward channel that has been in place for several months. This move opens the possibility of deeper price levels being tested. Analyst Colin Talks Crypto said,
“Break down. $2100–$2400 target.”
Notably, these levels match previous areas where the price found support in past cycles. Current price action is hovering just below $2,950. As reported earlier, a monthly close below this level could push Ethereum down to $2,000 or possibly even as low as $1,100.
In addition, ETH continues to trade below a key resistance level near $3,660. Unle
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