Ethereum Faces Bearish Pressure as ETHBTC Pair Breaks Key Support
- Ethereum is under pressure as the ETHBTC pair breaks down from a key descending triangle structure.
- Repeated rejections from a major descending trendline suggest potential fresh cycle lows for Ethereum against the US dollar.
- Immediate support levels for Ethereum are at $2,187 and $2,122, with resistance at $2,318 and $2,646.
- Ethereum’s current trading level is lower than when Bitcoin was around the $60,000 mark.
- The broader market structure remains fragile but still points to a corrective pullback rather than a confirmed trend reversal.
Ethereum’s performance against Bitcoin continues to show weakness as it struggles to maintain critical support levels within its current channel. The breakdown of the ETHBTC pair from a key descending triangle indicates growing bearish momentum in the market.
Despite short-term pressures, Ethereum’s larger recovery structure remains technically alive unless there is a decisive break below its current support levels of $2,187 and $2,122. (Source)
