Ethereum has fallen beneath a significant technical threshold after its inability to maintain momentum above the $2.8K mark. Trading at $2.31K, ETH has breached the lower trendline of its daily ascending channel, exerting pressure on the adjacent support zone at $2.3K. Meanwhile, the Taker Buy Sell Ratio indicates considerable selling pressure in the futures market, underscoring a prudent short-term outlook. On the daily timeframe, Ethereum has been progressing within a distinct ascending channel since the low of late June near $1.5K. The rejection from the 2.8K supply zone in September initiated a consistent downward trend, and the price has now settled below the channel’s lower boundary at approximately 2.4K. This breakdown indicates that the framework underpinning the recovery has deteriorated significantly. ETH is experiencing a decline below the minor support zone of $2.3K–$2.35K, positioning the 0.5 Fibonacci retracement around $2.16K as the subsequent significant point of interest. Below it, the 0.618 level around $2,000 and the $1,900 order block are particularly noteworthy.
The latter coincides with the 0.702 retracement and signifies the foundation of the pronounced rally observed in August, establishing it as a significant demand confluence. On the upside, buyers must first reclaim the broken channel boundary and the designated $2.5K short-term supply zone. A recovery above this region would invalidate the breakdown and bring the 2.8K area back into focus. Until then, the daily market structure indicates a preference for sellers. The 4-hour chart illustrates Ethereum’s movement within a descending channel following the early-October peak around $2.77K, characterised by a series of consistent lower highs and lower lows. The recent relief rally encountered resistance at the upper boundary close to the $2.5K level, leading to a resurgence of sellers who subsequently drove the price back toward the lower range. ETH is currently positioned just beneath the $2.35K threshold, having recently dipped to around $2.28K. The more significant support is the $2.25K demand zone, the bullish order block that formed directly after the August breakout. This region also aligns with the channel’s lower trendline, establishing a significant confluence for buyers to uphold.
A successful reaction there could produce a relief bounce toward $2,350 and potentially the upper boundary of the falling channel near $2,450. Conversely, a decisive breakdown below $2,250 would leave little structural support until the $1,900 area, raising the risk of an accelerated decline. The short-term pattern continues to suggest a prudent approach unless the channel’s upper trendline is breached to the upside. The Taker Buy Sell Ratio on CryptoQuant assesses the volume of aggressive market buy orders in relation to aggressive market sell orders on derivatives exchanges. Readings exceeding 1 signify that buyers are in control, whereas readings falling below 1 imply that sellers are operating with greater intensity. The chart monitors the metric’s 30-day moving average, effectively filtering out daily fluctuations.
The indicator reached a high just under 1.02 in July, coinciding with Ethereum’s efforts to establish a foundation beneath the $2K mark, yet it has consistently declined since that point. It has fallen beneath the neutral threshold of 1 in September and currently stands at approximately 0.973, marking its lowest level since the sell-off in June. Similar deep negative phases in late 2025 and mid-2026 were associated with prolonged price declines. However, depressed taker readings can also precede local bottoms once selling pressure becomes exhausted, as observed following the June lows. The metric alone does not provide definitive evidence for additional downside. Still, with sellers clearly dominating order flow, the 2.25K 4-hour demand zone becomes critical, and a recovery in the ratio toward 1 would be needed to support a meaningful rebound.
