Ethereum loses $2.8K support as charts point to possible 22% downside

💡 DMK Insight

Ethereum’s drop below $2,800 is a warning sign for traders: downside risk is real. With ETH currently at $2,703.12, the charts indicate a potential slide toward $2,100, which could trigger panic selling. On-chain metrics are showing increased selling pressure, suggesting that many holders are looking to cut losses. If ETH breaches key support around $2,600, it could accelerate the downward momentum, leading to a cascade effect that might pull prices even lower. Traders should keep an eye on volume spikes and sentiment shifts, as these could signal whether the market is ready to rebound or if further declines are imminent. But here’s the flip side: if ETH manages to hold above $2,600 and shows signs of recovery, it could set up a buying opportunity for those looking to capitalize on a potential bounce back. Watch for resistance levels around $2,800 and $3,000 as key indicators of market sentiment in the coming days.