$ETH
Ethereum Price Structure Weakens as $2,200 Comes Into Focus
Ethereum (ETH) has fallen more than 20% from recent highs, briefly trading below $2,220 before stabilizing.
The drop pushed ETH below the $2,300–$2,400 range and under key short-term moving averages, shifting near-term control toward sellers. Technical data shows a developing bearish trend line around $2,400–$2,420, an area that would need to be reclaimed to ease downside pressure.
The $2,200 zone is now acting as the main support. A sustained break below this level could expose deeper downside toward $2,050 or psychological $2,000 mark. Momentum indicators remain cautious, with the hourly RSI below 50 and MACD still aligned with bearish momentum, suggesting buyers have yet to regain control.
Exchange Inflows and Liquidations Signal Distribution Risk
On-chain data has added to concerns. Exchange inflows surged ahead of the breakdown, with roughly 600,000 ETH moving onto major exchanges in a single day, including a sharp spike into Binance. Such inflows are often associated with selling, hedging, or risk reduction rather than accumulation.
At the same time, derivatives markets saw heavy stress. ETH-related liquidations reached about $280 million over 24 hours, surpassing Bitcoin and confirming that long positions were crowded near recent highs.
The unwind’s speed suggests structural weakness, as spot demand failed to absorb forced selling once support levels gave way.