Ethereum Coinbase Premium Drops To 2022 Bear-Market Levels: Capitulation Or Further Downside?
Ethereum has faced intense selling pressure in recent sessions, with price action struggling to stabilize as broader market weakness persists. The asset has revisited the $2,100 zone, a level now being closely monitored by traders attempting to identify potential demand. Despite occasional relief bounces, momentum remains fragile, reflecting ongoing uncertainty across both derivatives and spot markets. The most recent breakdown below the $2,300 region accelerated bearish momentum, with price now testing the psychological $2,100 support area. This level carries technical relevance because it previously acted as a consolidation zone during earlier phases of the cycle. However, the sharp decline toward it, combined with rising sell-side volume, suggests that market participants are still in risk-reduction mode rather than accumulation.Related Reading
Moving averages reinforce the bearish bias. The short-term average has crossed below the medium-term line, while the price remains well under the long-term trend indicator. This confirms structural weakness. Unless ETH can quickly reclaim the $2,400–$2,600 range, rallies are likely to be viewed as relief bounces rather than trend reversals.
If $2,100 fails decisively, the next meaningful support could emerge closer to the $1,800–$1,900 zone, where historical demand previously stabilized price action.
Featured image from ChatGPT, chart from TradingView.com
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