Ethereum under pressure: $2,200 support key as ETH falls 10% in 24h
Ethereum (ETH) plunged about 10% in the past 24 hours to roughly $2,207 and has lost ~23% over the last week and ~31% over 14 days as selling intensified. High trading volume (~$51.9B) has not been enough to stabilize price. On the 4-hour chart ETH is consolidating just above the immediate $2,200 support; a break below would expose the next psychological support near $2,100. Key resistance sits at $2,300–$2,350 (first major resistance) and $2,450–$2,500 (stronger ceiling). Technicals show RSI around 15 (deep oversold) and ADX above 65 (strong downward trend), indicating bearish momentum but raising the chance of a short relief bounce if selling exhausts. Analyst Crypto GVR flags a potential base between $1,800–$2,200; if confirmed, upside targets of $4,000–$6,000 are proposed. This report is informational and not financial advice.
Bearish
Price action and indicators point to a bearish outlook. ETH dropped ~10% in 24 hours and has lost significant ground over 7–14 days, with high volume during declines—classic distribution behavior. On the 4-hour chart the immediate $2,200 support is the critical level; a decisive break likely leads toward $2,100 and potentially lower. Resistance zones ($2,300–$2,350 and $2,450–$2,500) have flipped from consolidation to supply, making rallies difficult without significant buying. RSI at ~15 signals extreme oversold conditions, which can produce short-term relief bounces, but ADX >65 confirms the downward trend is strong and established. Traders should expect higher volatility: short-term opportunities for relief or dead-cat bounces (sell the bounce setups) and increased liquidation risk for long positions if support fails. Historically, similar sharp sell-offs with high ADX have led to continued declines until on-chain or macro catalysts (e.g., policy shifts, network upgrades, or institutional buying) restore demand. In the medium-to-long term, if ETH finds a base in the $1,800–$2,200 region and volume profile shifts to buying, recovery toward prior resistance and higher targets becomes plausible; until then, the near-term market structure remains bearish and favors risk-managed short strategies and strict stop management for longs.