Ethereum traded near $2,172 after breaking below the $2,300 to $2,240 support zone, extending a decline that has carried through several recent sessions. Price had previously climbed toward $2,360, then lost momentum, formed lower highs, and accelerated downward into the $2,170 area as selling pressure stayed firm.
Analysts offer very different paths for ETH
Ali said Ethereum has returned to the lower boundary of its trading channel and is watching for a move toward $2,280 or $2,390. Ted took a more bearish view. He said ETH has already fallen below $2,200 and identified $2,150 as the next major support level, warning that a break under that area would be negative for the asset.
Javon Marks pointed to a hidden bullish divergence on Ethereum and outlined a much stronger recovery scenario. His projection calls for a move of more than 110%, with targets above $4,811 and an extended level near $8,500. The gap between these views shows how differently the current chart structure is being read: either a bearish continuation, or an exhausted selloff that could set up a sharp rebound.
RSI is deeply oversold, but MACD still shows downside pressure
Trading activity during the breakdown featured heavier selling, more red candles, and spikes in volume. The 14-period RSI dropped to 23.82, putting Ethereum deep in oversold territory, while the RSI moving average stood near 36.09, a sign that momentum has continued to weaken. One point is clear: oversold conditions are already in place.
MACD, though, has not turned positive. The indicator remained in negative territory, with the signal line still above the MACD line, and the histogram held near -3.97. That leaves short-term downside pressure intact. The setup is mixed in a very specific way: the market looks stretched on momentum readings, yet trend signals have not shifted.
$2,160 and $2,120 now stand out as key support levels
Current support sits near $2,160 and $2,120, while resistance remains at $2,200 and $2,240. Price action from May 7 to May 16 showed repeated rejection at higher levels before the latest leg lower took hold. The next short-term move is likely to be judged against those zones, especially whether ETH can reclaim overhead resistance or keeps sliding into lower support.