Ethereum (ETH) opened a downside correction from $2,120 on Tuesday, slipping under the $2,100 mark as buying interest faded across the market.

Key Points:

• Ether started a fresh decline after rejecting resistance near $2,120, dropping below the $2,100 level.
• The token is trading under its 100-hourly moving average, with $2,060 now the level bulls must defend.
• A clear break under $2,060 could open the door toward the $2,020 and $2,000 support zones.

ETH Loses $2,100 Support

The latest technical reading showed Ether failing to hold above $2,120 before extending its slide through the $2,110 and $2,100 levels. Sellers pushed the price under the 38.2% Fibonacci retracement of the climb from the $2,000 swing low to the $2,148 high.

That move also broke a short-term bullish trend line that had support near $2,105 on the hourly chart.

Buyers stepped in close to $2,080, slowing the descent for now. Still, the token sits below its 100-hourly simple moving average, a sign that short-term momentum has turned against the bulls. The first real resistance now sits at $2,110, with heavier supply waiting near $2,120 and $2,150.

On the downside, $2,075 marks the first cushion. A close below the $2,060 zone, which lines up with the 61.8% Fibonacci level, could send Ether toward $2,020 and the psychologically important $2,000 region.

Also Read: Ethereum Staking Hits Record As 39M Tokens Leave The Market

Why Traders Have Turned Cautious

Momentum indicators back up the softer tone. The hourly MACD is building strength in bearish territory, while the hourly RSI has slipped below the 50 mark, both pointing to fading conviction among buyers.

Wider data tells a similar story. Sentiment gauges sit firmly in fear territory, with the daily reading hovering near the low end of its range.

The mood is reflected across the broader market, where Ether has lost more than a tenth of its value over the past month. Until the token reclaims the $2,150 to $2,170 band on higher timeframes, analysts say the path of least resistance stays lower.

Ether has spent two weeks grinding down from levels above $2,400, and the asset has struggled all year to recover ground lost earlier in 2026. After trading well above $3,000 late last year, ETH dropped near $1,743 in February before staging a partial rebound, leaving it deep below its August 2025 record close to $5,000.

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