Ethereum takes another risk towards $2,100: Here’s why.

Ether (ETH) may see another sharp decline after losing the support level at $2,800, technical charts and onchain data suggest that the downward trend will continue.

Main Receptors:

Ether's slope and equilateral triangle coordinates are collected at $2,100.

Ether has experienced deep price corrections in the past based on onchain data.

Ether chart techniques are collected at $2,100

The ETH/USD pair is down more than 10% in the past three days, falling below key support at $2,800.

Ether has not traded below this level since December 3, 2025, and losing it suggests that lower ETH price levels may be in the cards.

Related: Crypto Market Weakness Continues, But Ethereum Gauges Hint at $3.3K Rally

ETH was trading around $2,700 at the time of writing, a “do-or-die level for the bulls,” Metacryptox said, adding:

“Failure to hold here would confirm bearish dominance, opening the doors to the $2,500 mid-range.”

The $2,800 level coincides with the horizontal line of the descending triangle that was breached on Thursday.

The next major support is $2,500, which coincides with the 200-week simple moving average (SMA) as shown in the chart below.

Below that, the price could drop to the target triangle at $2,150, or a 20% decline from current levels.

A bearish divergence from the relative strength index, which fell to 34 from 68 in early January, indicates a weakening of price momentum.

Meanwhile, veteran trader Peter Brandt said the “burden of proof” was on the bulls after the ETH/USD pair broke below a similar triangle downtrend.

Brandt's chart shows more downside risk, especially after the price breaks below the $2,800 mark.

The measured target of the pattern, increasing the width of the triangle to the breakout point, is $2,100, which represents a 22% decline from the current price.

According to Cointelegraph, the area between $3,000 and $2,800 was a key support zone for Ether, and losing it put ETH at risk of further losses.

Ethereum mirrors past pre-bear market setups

Onchain data shows similarities between the current ETH market position and previous bear cycles.

Ether's Net Unrealized Profit/Loss (NUPL) indicator has moved from “Stress (Yellow)” to “Fear Zone (Orange)”, a position associated with the beginning of bear markets.

NUPL measures the difference between the relative unrealized gain and the relative unrealized loss of ETH holders.

In previous market cycles, the shift to fear led to extended price declines, as shown in the chart below.

Meanwhile, chart techniques show that the 111-day moving average (MA) is currently trading below the 200-day MA. As shown in the chart below, similar crossovers triggered the beginning of deep ETH price declines in 2018 and 2022 bear markets.