Ethereum has dropped to around $2,108, with the short-term recovery structure seen after the April lows now broken. An ETH/USD chart shared by More Crypto Online shows that the brief upward move failed to hold, leaving sellers in control of the near-term trend. Price is also still trading below a major descending trend line that started after Ethereum’s previous peak in the $4,700 to $5,000 area.
From a wave-structure perspective, analysts say bears are attempting to trigger a “C-wave” within the current short-term decline. At the same time, the selloff from April has only formed three waves so far, which leaves room for a possible “B-wave” correction. That keeps an alternate path open, though the bearish side currently has the stronger hand.
$2,200 to $2,300 stands out as the near-term pivot
The first major resistance zone sits between $2,655 and $3,236. This range includes the 100%, 123.6%, 138%, and 161.8% Fibonacci extension levels. Above that, another broad resistance band appears between $3,332 and $3,970, showing that any larger recovery would need to clear several layers of overhead supply.
Before any of that, analysts are focused on the $2,200 to $2,300 area. Ethereum needs to reclaim that range and break above the descending trend line to change the short-term picture. If that does not happen, selling pressure is expected to remain in place and keep prices under strain.
Main downside support lies at $1,650 to $1,800
On the downside, the $1,650 to $1,800 region is seen as the key support zone. Analysts say a failure to recover the $2,200 to $2,300 area could leave ETH exposed to a sharper selling wave, pushing the asset toward that lower support band. That makes this range a central level in the current chart structure.
Alternative analysis points to a possible bullish reversal
Not every technical reading is fully bearish. Analyst Ray says Ethereum may be forming a potential bullish reversal pattern after recent weakness. In his view, ETH still looks soft in the short run, but there are signs that a rebound could develop if price action confirms it.
Ray argues that buyers would need a clear breakout above a strong resistance zone to regain control. For now, that leaves the market with two competing setups: a dominant bearish case, and a reversal scenario that still needs validation through a decisive move higher.
Ethereum remains below several important technical levels, and the short-term trend still favors sellers. Whether that changes depends on price reclaiming lost ground and breaking through resistance with conviction.