Ethereum Price Holds $2,680 After Liquidation Sweep—Can the Bulls Prevent a Drop to $2,373?

The chart highlights a breakdown from a rising trendline, indicating loss of short-term bullish momentum. ETH is hovering just above a key support band near $2,740, while the next major downside level sits around $2,370. OBV continues to trend lower, suggesting declining buying pressure and distribution rather than accumulation. Repeated rejections near the $3,200–$3,400 zone confirm strong overhead supply. Failure to reclaim the broken trendline increases the probability of further downside continuation.

Overall, Ethereum remains at a make-or-break zone. The confluence of horizontal support, prior consolidation, and declining OBV suggests caution in the near term. A decisive daily close below $2,700 would confirm bearish continuation, while a strong bounce with volume expansion could revive short-term recovery hopes. Until ETH reclaims the $3,000–$3,100 region, rallies are likely to face selling pressure, keeping the broader bias neutral-to-bearish.

By month-end, ETH is likely to trade between $2,600–$2,900, with a bearish bias if support weakens. A breakdown toward $2,370 could weigh on February trades, favoring range-bound or defensive strategies. Conversely, holding $2,700 may allow February to open with stabilization and selective dip-buying interest.