Ethereum Price Nears $2,600 as Bears Tighten Their Grip

Ethereum fell toward $2,600 after breaking below its recent 2,650-2,730 trading range.
Michael van de Poppe is watching Ethereum’s 100-week EMA, with a weekly close below it potentially signaling deeper correction.
RSI at 29.91 and a deeply negative MACD highlight strong selling pressure, with $2,500 and $2,400 as supports.

Ethereum has fallen back toward $2,600 after breaking below a two- to three-week range, while analysts watch support and momentum. Michael van de Poppe said Ethereum is approaching its 100-week EMA, where a weekly close could matter. Daan Crypto Trades said open interest has surged as traders position around the latest downside move.

Ethereum Breaks Below Its Recent Range

Ethereum traded at $2,607.57, down 0.29%, after opening at $2,615.64. The session reached $2,617.17 before falling to $2,606.75. However, the move followed a broader decline from recent levels.

ETH had traded between about $2,650 and $2,730 before the latest sell-off. The token previously climbed from roughly $2,380 to $2,400 in mid-September. It then moved above $2,700 and reached nearly $2,770 around September 22.

Since that peak, Ethereum has struggled to hold its gains. The recent move also broke the $2,700 area and pushed price toward immediate support at $2,600.

Analysts Watch The $2,600 Support

Van de Poppe said ETH had been moving sideways for an extended period. He said a large breakout could follow after the prolonged range. He also noted that ETH tapped $2,600 before approaching its 100-week EMA.

According to van de Poppe, a weekly close below that average could lead to a deeper correction. Meanwhile, Daan Crypto Trades highlighted a sharp rise in open interest after the latest move. He said funding turned negative while spot selling remained strong.

According to Daan, the market contains both traders buying the dip and shorts adding to downside momentum. He said unchanged prices could lead to another squeeze.

https://twitter.com/DaanCrypto/status/2107738698125123878?s=20

RSI and MACD Show Heavy Selling

The chart shows RSI at 29.91, while its moving average is at 47.32. RSI has moved below the traditional 30 threshold. Additionally, the MACD line is at -15.98, below the signal line at -3.87.

The histogram is also deeply negative at -12.10. The next support levels are $2,500 and $2,400 if $2,600 fails. On the upside, $2,700 remains important, followed by resistance around $2,750 to $2,770.

Source

Ethereum Breaks Below Its Recent Range

Analysts Watch The $2,600 Support

RSI and MACD Show Heavy Selling

Related Articles