ETH risks deeper slide if $2.9K support breaks — next stops $2.6K and $2.2K

Published: 2026-01-26 13:55:53 |

Ethereum (ETH) is trading around $2,900 after repeated rejections from the $3,300–$3,500 supply band and a break below the former $3,000 support. Daily technicals show ETH below the 100-day moving average with the 200-day MA confirming a medium-term downtrend. Short-term charts show a broken rising trendline and consolidation beneath $3,000, leaving immediate downside targets at $2,800 and $2,600–$2,500 if weakness continues. Key support zones to watch are $2,900–$2,700 (critical) and $2,600–$2,700 (demand); a decisive break below $2,700 raises risk of a deeper fall toward $2,200. On-chain metrics are mixed: exchange balances remain low (ongoing outflows to staking/cold storage), reducing sell-side liquidity and meaning renewed demand could trigger sharper rallies, while transaction counts and the 30-day EMA have picked up from early‑2025 lows, indicating increased organic network use despite price weakness. For traders: expect neutral-to-bearish short-term price action; watch $2,900–$2,700 as the make-or-break zone. A hold there alongside rising on-chain activity would be constructive; failure would increase downside odds toward $2,600 and possibly $2,200. Primary keywords: Ethereum price, ETH price, support levels, on-chain activity, technical analysis.

Bearish

The combined reports point to a short-to-medium-term bearish bias for ETH. Technical indicators show ETH below key moving averages, a broken rising trendline and consolidation under the prior $3,000 support — all classic signs of weakening momentum. Critical near-term support sits at $2,900–$2,700; a decisive break increases probability of a test of $2,600 and the larger $2,200 support. On-chain metrics temper but do not negate the downside risk: low exchange balances reduce available sell liquidity (which can amplify rallies if buying returns), while rising transaction counts and a 30-day EMA uptick suggest steady network use that could support a recovery if sustained. For traders this implies elevated volatility: in the short term expect further downside or sideways action with tight risk management around the $2,900–$2,700 zone. Medium-term recovery is possible only if price stabilizes above key supports and on-chain activity continues to firm; otherwise the path of least resistance remains downward.