Ethereum is trading at important levels as the chart shows strong resistance near $2,350 to $2,400 and immediate support near $2,295. If the bull is unable to maintain this structure, $ETH Some traders are eyeing $2,030 as the next major downside target.
Ethereum faces key test at $2,350 with breakout stall
According to a chart shared by market commentator Ted on X, Ethereum is struggling to regain the $2,350 to $2,400 zone. $ETH It is trading near $2,332 on Binance’s TetherUS in the 2-day time frame. This leaves the token just below the red resistance zone that has already rejected the price many times.
Ethereum/Tether US 2D. sauce: TradingView, Ted on X
The posted analysis says weakness in ETF buying is limiting momentum. As a result, Ethereum has yet to confirm a breakout above its resistance area. Instead, the price remains stuck between nearby resistance and lower support, leaving the short-term structure vulnerable.
if $ETH Since the $2,350 to $2,400 range cannot be regained and maintained, the chart shows a possible break below $2,200. This level is located close to the green support zone shown on the chart. A failure here could expose the lower support near $1,740, which marked the bottom of the previous significant decline.
At the same time, the chart outlines a bullish recovery path if buyers regain control. In that scenario, $ETH First, it needs to break above $2,400 and then the next resistance near $2,700. After that, the chart suggests a potential rally towards the $3,000 to $3,200 area.
For now, the settings are undecided. Ethereum is testing a significant reuse zone but has not yet cleared it. Therefore, the next move will likely depend on whether buyers are able to turn the $2,350 to $2,400 band into support rather than rejecting it again.
Ethereum holds support at $2,295 as traders focus on wave (2) pullback
According to a chart shared by MCO Global on X, Ethereum is still trading above the $2,295 level. The 1-hour ETHUSD chart shows the price hovering around $2,325, although short-term support holds. This has kept the current structure stable for now, even as the market tests a narrow range below recent highs.
The chart has a short-term key line at $2,295. Prices have failed to break above recent local highs around $2,390 and have already returned to that area. So far, buyers have defended this zone, which suggests that Ethereum has yet to confirm a deeper correction.
However, the posted analysis warns that below $2,295 the setup could transition into a lower wave (2) retracement. In this case, the chart highlights several downside levels between $2,221 and $2,031. The main support target lies around $2,030, which MCO Global describes as an ideal area to find second wave support.
The chart also shows Fibonacci retracement levels within its lower range. These include approximately $2,221 at the 38.2% level, approximately $2,164 at the 50% level, approximately $2,108 at the 61.8% level, and approximately $2,031 at the 78.6% level. These marks outline the major correction zones if Ethereum loses its current floor.
At the same time, resistance remains overhead. Ethereum has fallen below the downtrend line and is trading with a broader target area between approximately $2,475 and $2,646. Therefore, even if $2,295 holds, the bulls still need a stronger move to break the descending resistance line and reopen the path to higher levels.
For now, the chart focuses on one number. Ethereum is holding $2,295, but that support is under pressure. If it fails, traders may look for support near $2,030 in the next wave (2).
