Ethereum is back under pressure after losing momentum near the upper side of its recent range. According to Brave New Coin data, ETH is trading near $2,180, down 2.08% in the last 24 hours, with 24-hour asset volume around $11.23 billion.

Ethereum Slips Back Into the Lower Range

The latest Brave New Coin chart shows ETH losing its intraday footing after failing to sustain strength near the upper side of the session. Price has now moved back towards the $2,160–$2,180 region, making this the first area where buyers need to show a reaction.

What makes this move important is the shift in market focus. ETH was recently trying to build towards the $2,350–$2,380 resistance zone, but the latest rejection has pushed attention back to downside liquidity and support defense.

Ethereum (ETH) is trading at around $2,180, down 2.08% in the last 24 hours. Source: Brave New Coin

For now, ETH needs to recover above $2,220–$2,250 to reduce short-term pressure. Without that reclaim, the market may continue leaning towards the lower range, with $2,100 becoming the next area traders are likely to watch.

Whale Deposits Raise Short-Term Selling Risk

Lookonchain highlighted that two wallets, possibly linked to Gammafund, deposited 10,976 ETH, worth around $23.9 million, into Binance within the past hour. Large exchange deposits often create short-term caution because they can signal possible selling pressure.

Two wallets possibly linked to Gammafund deposited 10,976 ETH into Binance, increasing short-term selling concerns. Source: Lookonchain via X

This does not automatically mean those coins will be sold immediately, but the timing matters. ETH is already weak, and large deposits into Binance during a pullback can make traders more defensive.

If more whale or institutional wallets continue moving ETH to exchanges, the market may struggle to recover cleanly. For now, this flow adds pressure to the short-term outlook.

Smart Money Shorts Add Another Bearish Layer

Crypto Rover also pointed out that smart money appears to be building heavy short exposure on ETH. The chart shows short positioning rising sharply while ETH trades near the lower side of its recent structure.

This is important because it shows that larger traders are not fully confident in an immediate Ethereum recovery. When short exposure rises during a price decline, it often means the market is expecting another leg lower before buyers step in again.

Smart money shorts on ETH continue to rise, adding pressure as price struggles near the lower side of its range. Source: Crypto Rover via X

However, heavy short positioning can also create a squeeze later if ETH suddenly reclaims resistance. That makes the next reclaim levels important, especially around $2,250 and $2,300.

ETH’s Range Still Points Towards $2,100 Risk

The chart shared by Clintimenia gives a clear downside map. ETH was rejected again near the $2,380 resistance zone, the same area that capped previous rallies since April. After several failed attempts, sellers now appear to be targeting the lower liquidity area.

The main downside level is around $2,100, which is marked as a volume point of interest. This zone could attract buyers if ETH continues lower, but it also means the market may need one more sweep before a stronger recovery attempt.

As long as ETH remains below $2,300–$2,380, the range is still unresolved. A move into $2,100 would not necessarily destroy the larger recovery setup, but it would confirm that sellers still control the short-term trend.

ETH rejection near $2,380 keeps the $2,100 volume area in focus as the next major support zone. Source: Clintimenia via X

2022 Fractal Suggests One More Dip Could Come First

Famous crypto analyst Axel Bitblaze compared the current ETH structure with that of late 2022, suggesting that price could revisit a deeper low before continuing higher. The chart shows a similar bottoming-style setup, where ETH first retested lower support before building a stronger recovery.

This type of comparison is useful because Ethereum often spends time forming a base before turning higher. The current pullback may be part of that process, especially if ETH price finds strong demand near the $2,100–$2,160 region.

Ethereum’s 2022 fractal suggests ETH may need one more dip into support before attempting a stronger recovery. Source: Axel Bitblaze via X

Still, the market needs confirmation. A bounce from support is not enough unless ETH can reclaim the lost range and push back above $2,300.

Ethereum Short-Term Outlook: Support Must Hold First

ETH’s short-term outlook now depends on whether buyers defend the lower range. The first support area sits near $2,160–$2,180, while the deeper zone around $2,100 remains the key downside target if selling continues.

On the upside, ETH needs to reclaim $2,220–$2,250 to stabilize. After that, the stronger confirmation area remains $2,300–$2,380, where the price has already faced repeated rejection.

For now, ETH is not in breakout mode. The structure is still a range, but the latest whale deposits, rising shorts, and failed resistance attempts have shifted the short-term bias more cautious.

Final Thoughts: Can Ethereum Avoid a Drop Towards $2,100?

The market has lost the upper range, whales are moving ETH to Binance, and smart money shorts are rising at the same time. Now, for Ethereum, the next reaction around $2,160–$2,180 will matter. If buyers defend this area and reclaim $2,250, ETH can still stabilize and attempt another recovery. But if this zone breaks, the $2,100 region becomes the next major level to watch.

For now, Ethereum needs defense before it can talk about upside again. The bigger recovery setup is not dead, but bulls need to stop the current weakness before sellers turn this pullback into a deeper range reset.