- Ethereum is testing the $2,140 level after an intraweek low near $2,070.
- A technical breakdown brings the risk of falling to $1,350, CryptoQuant notes.
- Bullish catalysts may include regulatory clarity and continued institutional demand.
Ethereum (ETH) traded slightly back at the $2,100 level on Wednesday after gaining nearly 1% over the past 24 hours while Bitcoin regained $77,200.
While the recovery provides some relief to the bulls, the altcoin remains under pressure after the week’s sharp decline.
Technical indicators continue to show bullish risk, with some analysts warning that ETH could face a deeper correction at the $1,350 level.
Ethereum price today
Market data on the US segment on Wednesday showed Ethereum testing the $2,140 region after increasing intraweek lows near $2,070.
The reversal followed a series of heavy selling sessions, although ETH is still below the recent trend.
Ethereum is currently trading about 7% lower for the week and about 28% lower year to date.
The Relative Strength Index (RSI) is hovering near oversold levels, which could create short-term breakout conditions.
However, ETH continues to trade below all moving averages on the daily chart, indicating that bearish momentum remains strong.
Will ETH fall to $1,350 after a bearish breakdown?
One of the things that worries the bulls is the breakdown of Ethereum under the triangle-type support.
The recent sell-off confirmed the damage on the daily chart, raising concerns that the stock price may be showing a similar technical failure earlier this year.
At that time, the price of Ethereum fell sharply from $2,800–$3,000, falling almost 35% in a few days in February. If similar market conditions resume, experts warn that the selling pressure could increase significantly.
Analysts at CryptoQuant pointed to low risk in recent market data.
“If Ethereum fails to recover the broken triangle shape, the selling pressure may continue, and the price may follow the support level of $1,350,” CryptoQuant author and analyst Pelin Ay. he wrote.
Macro conditions and market weakness have also added pressure on the price of Ethereum.
Ethereum’s recent weakness has followed Bitcoin’s lack of momentum, with BTC falling to the $76,000 area in recent sessions.
Over the last month, the trading price of Ethereum ETFs has changed to 0%.
The steady outflows have fueled concerns that the latest tech meltdown could be a long-term downgrade.
Comparative views and support levels
Not all market participants remain on the long-term outlook for Ethereum.
Bitmine’s Tom Lee said the recent pullback could represent an opportunity to “buy low”, especially since Bitmine’s assets now exceed 4.37% of Ethereum’s circulation.
Some investors continue to point to long-term supporting factors, including stablecoin growth on Ethereum, expanding staking adoption, and increasing interest in real-world assets (RWA).
Market participants are also monitoring the regulatory environment over time.
In the near term, traders will be watching to see if buyers can push ETH back to the $2,200–$2,400 resistance zone.
Failure to recover from this series could cause the mark to drop further below $2,000, with some analysts identifying $1,350 as a lower target.
