Ethereum Slips Below Key Trendline, Tests $2,300 Support as Sellers Gain Control
Ethereum (ETH) is trading near $2,311 on the daily chart, and the technical structure has weakened considerably, according to Harish Vatnani, Head of Trade at ZebPay. After advancing toward the $2,500 area, the price failed to sustain its upward move and broke below the rising trendline that had supported the earlier recovery. The sharp decline and the sequence of lower highs and lower lows indicate that sellers currently control the short-term trend.
The latest candles are clustered near $2,300, suggesting that the price is testing an important near-term support area. However, the chart does not yet show a convincing bullish reversal pattern. The $2,300 level is the first to monitor because the price is trading close to it and it may act as immediate support. If ETH closes decisively below this zone, the next downside areas to watch are approximately $2,200 and $2,100. These are potential reaction zones, not guaranteed turning points.
On the upside, $2,380–$2,420 is the first resistance area, followed by $2,480–$2,520, where previous price activity may attract selling. The former trendline-breakdown region around $2,680–$2,730 represents a more significant overhead resistance zone. A recovery would need to reclaim resistance and form higher highs and higher lows before the broader structure could be considered improved.
Volume analysis shows noticeable expansion around the recent sell-off, supporting the interpretation that the decline has been accompanied by meaningful selling activity. Volume is most informative when assessed alongside the candle close and follow-through: a daily close below $2,300 with rising volume would strengthen the bearish-breakdown case, whereas a rejection of lower prices followed by stronger buying volume could indicate demand entering the market. The latest candles alone do not confirm that selling pressure has ended. Volume should therefore be monitored for confirmation rather than treated as a standalone prediction.
Investors should note that cryptocurrency markets are highly volatile and technical levels are not guarantees of future price movement. The analysis provided is for informational purposes only and does not constitute investment advice.
