Ethereum slipped below the $2,800 level, with technical charts and onchain indicators suggesting downside risks remain elevated. Analysts now warn that prices could fall toward the $2,100 area if bearish momentum continues.
Ether has dropped more than 10% over the past three days, breaking a support zone that had held since early December 2025. At the time of writing, ETH was trading near $2,700, a level some traders describe as critical for bulls to defend.
According to market analyst Metacryptox, failure to hold current levels would confirm bearish control and could open the way for a move toward $2,500, a key mid-range support area.
Chart patterns point to deeper losses
The breakdown below $2,800 also marked a breach of the horizontal support line of a descending triangle pattern. This technical setup now shifts attention to the next major support near $2,500, which aligns with the 200-week simple moving average (SMA).
If selling pressure accelerates, the measured target of the triangle points to a potential decline toward $2,150, representing roughly a 20% drop from current prices.
Momentum indicators are also flashing warning signs. The relative strength index (RSI) has fallen sharply, sliding from 68 in early January to around 34, signaling weakening buying momentum.
Veteran trader Peter Brandt said the “burden of proof” is now on bulls after ETH broke below the lower boundary of a symmetrical triangle. His analysis suggests the technical damage below $2,800 increases the risk of further downside.
Based on the size of the triangle pattern, Brandt’s projected target sits near $2,100, implying a possible 22% decline from current levels.
Onchain data echoes bearish setups
Onchain indicators are reinforcing the cautious outlook. Ethereum’s net unrealized profit/loss (NUPL) metric has shifted from the “anxiety” zone into the “fear” zone, a transition that has historically coincided with the early stages of prolonged bearish phases.
The NUPL indicator tracks the balance between unrealized profits and losses among ETH holders. In past market cycles, similar moves into the fear zone were followed by extended drawdowns.
Additional technical signals add to the concern. The 111-day moving average has now fallen below the 200-day moving average, a crossover pattern that previously preceded deeper corrections during the 2018 and 2022 bear markets.
Taken together, both chart structures and onchain metrics suggest Ethereum remains vulnerable in the near term. Unless buyers quickly reclaim the $2,800 level, analysts warn that the market may continue to probe lower support zones.
