The loss of $ETH long term ascending trend support has triggered a significant breakdown in the market. This breakdown not only affects Ethereum but has also dampened risk appetite across the broader altcoin market. The break of a trendline that had held for three years can be interpreted as a sign of technical weakness. #BinanceAlphaAlert
Following the loss of trend support, the price dropped to the first major horizontal support level at $1,500. This zone had previously acted as both a high volume area and a strong reaction level, so it wasn’t surprising to see a strong buying response here. Indeed, the price rebounded from this level and climbed back above $1,800.
In the short term, the key resistance zone to watch is between $2,150 and $2,250. This range represents both a horizontal resistance and aligns with the previously broken trendline, making a retest of this area likely.
If ETH manages to break through this zone, it could trigger a new upward wave toward the $3,000–$3,250 region. However, this scenario would require a broader market recovery and increased volume.
On the downside, if the price falls below $1,500 again, the next major support lies in the $1,250–$1,300 range. This area stands out as a key support level on the weekly timeframe.