Ether (ETH) could see another sharp drop after losing the support level at $2,800, with technical charts and onchain data suggesting the downtrend will continue.
Key takeaways:
Ether’s descending and symmetrical triangle setups converge at $2,100.
Ether is at levels that have previously preceded deeper price corrections, based on onchain data.
Ether’s chart technicals converge at $2,100
The ETH/USD pair has dropped by over 10% in the last three days, dipping below the key support at $2,800.
Ether has not traded below this level since Dec. 3, 2025, and losing it suggests lower ETH price levels could be in the cards.
Related: Crypto market weakness persists, but Ethereum metrics hint at rally to $3.3K
ETH was trading around $2,700 at the time of writing, a “do or die level for bulls,” said Metacryptox, adding:
“A failure to hold here confirms the bearish dominance, potentially opening the doors to the $2,500 mid-range.”
The $2,800 level coincides with the horizontal line of a descending triangle, which was breached on Thursday.
The next major support is $2,500, which coincides with the 200-week simple moving average (SMA), as shown in the chart below.
Below that, the price could drop toward the measured target of the triangle at $2,150, or a 20% decline from the current level.
ETH/USD daily chart. Source: Cointelegraph/TradingView
A bearish divergence from the relative strength index, which has dropped to 34 from 68 in early January, shows weakening price momentum.
Meanwhile, veteran trader Peter Brandt said the “burden of proof” was on the bulls after the ETH/USD pair broke below the lower trendline of a symmetrical triangle.
Brandt’s chart points to more downside risk, particularly after the price dropped below the $2,800 mark.
ETH/USD daily chart. Source: Peter Brandt
The measured target of the pattern, calculated by adding the width of the triangle to the breakout point, is $2,100, representing a 22% decline from the current price.
As Cointelegraph reported, the area between $3,000 and $2,800 was a key support zone for Ether, and losing it has put ETH at risk of further losses.
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