- Ethereum falls 22 percent as traders watch the $2,850 support zone closely.
- Break below $2,850 places focus on the $2,200 area marked as support.
- Analysts note both zones may attract long-term buyers during market dips.
Ethereum traders are watching the market closely as the asset moves near key support zones. The recent drop has placed pressure on short-term levels while long-term buyers monitor major areas on the weekly chart.
Ethereum Drops Toward Major Support Levels
Ethereum has moved lower after a break under a long trendline, and traders are watching short-term levels closely. The recent fall has reached about 22 percent from earlier highs, and the chart shared by analyst Crypto Patel shows the market near a price area that many traders monitor.
Patel said the “breakdown played out perfectly,” and he referred to his earlier call for pressure under the trendline. His post showed that the $3,500 area acted as an important level, and he said it was the “line in the sand” during the prior move.
Patel described the $2,850 area as an “FVG support.” The chart marked it as a zone with strong past activity. Traders now watch the area because the price has reacted in this region during earlier cycles, and many see it as the first large support in the current decline.
Traders Focus on $2,850 and $2,200
Patel also pointed to a second zone near $2,200. He said that this level may be reached if the current support fails to hold. He described it as a “Bullish OB support level,” and the chart shows a base around this area that formed in a past range.
Both zones are seen as important for long-term plans. Patel said they are “excellent accumulation zones” for those waiting for large dips. He added that he expects Ethereum to move above $10,000 within the next twelve months. He also reminded readers to “always do your own research” as market moves can change fast.
These zones are followed closely because they acted as major areas in previous cycles, and they have shown strong trading activity. Many traders now wait for the next reaction as the price moves near the first support.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.
