Image Source: Pixabay

Ethereum dropped below the $2,800 support level on Thursday, marking the first time the cryptocurrency has traded under this threshold since December 3, 2025. The price has declined over 10% in the last three days, currently trading around $2,700.

Ethereum (ETH) Price

The breakdown occurred at a critical technical level. The $2,800 mark represents the horizontal support line of a descending triangle pattern that had been forming on ETH’s price chart. When this level broke, it triggered bearish signals across multiple technical indicators.

Veteran trader Peter Brandt identified a symmetrical triangle breakdown on Ethereum’s chart. He stated the “burden of proof” is now on the bulls after ETH fell through the lower trendline of this formation. Both the descending triangle and symmetrical triangle patterns point to the same downside target at $2,100.

Between the symmetrical triangle in ETH and the right angled broadening pattern in Crypto Total Cap, the burden of proof will be on the bulls pic.twitter.com/deR53fI8q5

— Peter Brandt (@PeterLBrandt) January 29, 2026

This price level represents a potential 22% decline from the current trading range. The target is calculated by measuring the width of the triangle patterns and projecting that distance from the breakout point.

The relative strength index dropped from 68 in early January to 34 at the time of the reports. This decline shows weakening momentum and creates a bearish divergence with price action.

Key Support Levels in Focus

The next immediate support sits at $2,500, which aligns with Ethereum’s 200-week simple moving average. This long-term moving average has historically provided strong support during previous market cycles.

$ETH has lost its $2,800 support zone.

The next major support zone is around the $2,500-$2,600 where ETFs and DATs have accumulated.

This is most likely to hold in the short-term for any bounce in Ethereum. pic.twitter.com/q9rVnYa1LW

— Ted (@TedPillows) January 30, 2026

Trader Metacryptox called the $2,700 level a “do or die level for bulls.” A failure to hold this price zone could confirm bearish control and open the path toward the $2,500 mid-range support.

Another analyst, Can Özsüer, highlighted $2,600 as a critical support zone on the 6-hour chart. As long as Ethereum holds above this level without a clear candle close below it, the structure remains constructive for a potential recovery attempt.

If $2,600 holds, analysts see a possible bounce toward $3,050, followed by the $3,150 region. However, for a meaningful bullish reversal, Ethereum would need to reclaim $3,350 with strong volume.

Crypto analyst Ardi identified $2,710 as a crucial short-term support level. A clean loss of this zone would likely accelerate selling pressure toward the $2,620 swing low. The $2,450 region serves as the primary defense for the broader market structure.

Onchain Data Mirrors Past Bear Markets

Ethereum’s net unrealized profit/loss indicator has moved from the “anxiety” zone into the “fear zone.” This transition typically occurs at the start of bear markets based on historical data.

(Click on image to enlarge)

Source: Glassnode

The NUPL measures the difference between relative unrealized profit and relative unrealized loss for ETH holders. Previous bear cycles in 2018 and 2022 saw similar transitions to the fear zone before extended price drawdowns occurred.

The 111-day moving average currently trades below the 200-day moving average on Ethereum’s chart. This death cross formation has preceded deeper corrections during past bear markets, including the 2018 and 2022 cycles.

ETH/BTC remains in a strong downtrend, showing Ethereum continues to underperform relative to Bitcoin. This relative weakness suggests volatility could remain elevated in the coming sessions. Traders who took long positions at $2,600 are monitoring price action closely and considering whether to add to positions based on momentum development.

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