Ethereum price is back under pressure after its recent recovery attempt started to fade near resistance. According to Brave New Coin, Ethereum is trading around $2,294.77, down 2.20% in the last 24 hours, while 24-hour asset volume sits above $20.14 billion.

Ethereum (ETH) is trading at around $2,294, down 2.20% in the last 24 hours. Source: Brave New Coin

Ethereum Loses Its Parabolic Structure

The biggest technical concern right now is that ETH appears to have lost the curved/parabolic support that helped guide its recent recovery from the February lows. Ted Pillows pointed out that Ethereum needs to reclaim the $2,350 level soon, otherwise the structure could start to look much weaker.

Ethereum loses its parabolic support as the $2,350 reclaim becomes the key level bulls must recover. Source: Ted Pillows via X

This matters because $2,350 is no longer just a normal resistance level. It now acts as the area ETH needs to recover to prove that the recent dip was only a shakeout. If price stays below this zone, sellers may continue to pressure the market, with $2,250 and $2,200 becoming the next key areas to watch.

$2,200–$2,150 Support Zone Comes Into Focus

On the downside, the $2,200–$2,150 region is now the most important support zone for Ethereum. Can Özsüer’s chart shows ETH still holding above a broader rising trendline, but also leaves room for a possible sweep into this lower support band before any stronger recovery attempt.

The $2,173 and $2,156 levels stand out as near-term areas where buyers may try to step in. A wick into this region would not automatically break the bullish structure, especially if ETH quickly reclaims higher levels afterward. However, a clean breakdown below $2,150 would increase the risk of a move towards $2,050.

Ethereum’s $2,200–$2,150 support zone comes into focus as buyers look to defend the broader recovery trend. Source: Can Özsüer via X

The deeper invalidation level sits near $1,940. As long as ETH remains above that broader trend support, the higher-timeframe recovery case is still alive. But losing $2,150 would make the short-term chart much more fragile.

Whale Behavior Shows a Major Shift

While current price action is weakening, on-chain data adds a more complicated layer. Ali Charts highlighted that Ethereum whales holding between 1,000 and 10,000 ETH have recently shown a major change in behavior after a long accumulation phase.

This is important because whale activity often gives early clues about market confidence. If large holders are reducing exposure or changing their accumulation pattern, it can signal caution around current price levels. For ETH bulls, this means price needs to confirm strength quickly, whale behavior could add more pressure to the downside narrative.

Ethereum whale behavior shifts after a long accumulation phase, adding caution as ETH struggles to regain momentum. Source: Ali Charts via X

Still, this does not mean the trend is fully bearish. It simply shows that Ethereum is entering a more sensitive phase where price confirmation matters more than before.

Spot Demand Weakness Adds Pressure

Another concern comes from spot market activity. Crypto Rover noted that ETH spot demand has dropped to a five-week low, while the aggregated spot CVD chart shows weaker buying strength compared to earlier in the recovery.

This is not ideal for bulls because strong rallies usually need spot demand to support them. If price is rising but spot buyers are not following, the move becomes more vulnerable to rejection. In ETH’s case, the lack of strong spot demand helps explain why the market struggled near $2,350–$2,400 and then started to roll over.

Ethereum spot demand drops to a five-week low, adding pressure as buyers struggle to support the recent recovery. Source: Crypto Rover via X

For a healthier recovery, ETH needs to see buyers return around support and then push price back above $2,350. Without that, any bounce may remain limited.

Ethereum Price Prediction: Key Levels to Watch

Ethereum price prediction now depends on whether ETH can defend the $2,200–$2,150 support zone and reclaim $2,350. These two areas define the next major move.

Key ETH levels:

• Immediate resistance: $2,350
• Main breakout zone: $2,400–$2,460
• First support: $2,250
• Major support: $2,200–$2,150
• Deeper downside level: $2,050

If ETH reclaims $2,350, the recovery structure improves, and price could retest $2,400–$2,460. A clean breakout above that range would shift momentum back towards $2,600.

However, if ETH fails to reclaim $2,350 and loses $2,150, the market could quickly turn defensive, with $2,050 becoming the next major downside target.

Final Thoughts: Can ETH Recover Before the Breakdown Deepens?

Ethereum price is not in a confirmed breakdown yet, but the chart is clearly weaker than it was a few sessions ago. Price has lost short-term momentum, spot demand is fading, and the $2,350 reclaim has become the key test for bulls.

If ETH can hold the $2,200–$2,150 region and push back above $2,350, the recovery case remains alive. But if buyers fail to defend support, Ethereum could see another leg lower towards $2,050 before a stronger base forms. For now, ETH remains in a cautious zone. Bulls still have a chance, but they need to act quickly.