Ethereum (ETH) Price Faces Rejection at $2,100, Is Breakout Hype Over?

Key Insights:

• Ethereum (ETH) price is pegged at $2,046 after falling from the $2,100 support, increasing bearish momentum.
• A 2-year dormant whale spotted depositing 15,000 ETH into Coinbase, interpreted as selling intent.
• Crypto trader Alan predicted the next ETH move at $1,800, despite expectations of a bounce soon.

Amid a broader market downtrend, Ethereum (ETH) has encountered price rejection at $2,100. As a result, ETH markets expressed concern about whether the recent breakout hype was over.

Despite the concerns, a dormant Ethereum whale deposited a huge amount of the coin into the Coinbase exchange.

Ethereum (ETH) Price Rejected at $2,100

Crypto analyst Ted Pillows analyzed the current Ethereum (ETH) price movement in his recent X post. The analyst shared an ETH price chart that showed the coin in a delicate position.

Specifically, ETH price tried to climb past the $2,100, but sellers stepped in strongly, pushing the price back down. Notably, the $2,100 level acted as a key resistance, signaling bearish momentum.

Ted Pilliows has highlighted $2,000 as the only crucial support level for Ethereum (ETH). This is the final key level that bulls must defend to avoid a deeper correction. Ted expects accelerated selling if ETH loses this level because it would trigger stop-loss orders from longs.

Additionally, it could spark panic or liquidations in futures markets, and technical traders would see it as a confirmed breakdown, targeting lower levels.

In essence, the analyst expects a bearish outlook for ETH in the short term, unless buyers can defend $2,000.

It is important to note that the current struggle of Ethereum (ETH) comes amid geopolitical tensions, particularly between the U.S. and Iran. The crypto market fell sharply after President Donald Trump issued a 48-hour deadline for Iran to reopen the Strait of Hormuz.

At press time, the crypto market valuation stood at $2.34 trillion, down 0.97% over the past 24 hours.

ETH Whale Selloff and Impact

While ETH struggled to find support, another market analyst highlighted a large on-chain movement involving a long-term Ethereum whale.

According to the update, a 2-year dormant wallet address deposited 15,000 ETH, valued at approximately $30.97 million, into Coinbase.

This whale investor is an early participant in the Ethereum (ETH) ICO (Initial Coin Offering) era. They also did Dollar-Cost Averaging (DCA), gradually buying 17,400 ETH from Poloniex, at an average entry price of $11.60 per coin.

After the deposit, the wallet still holds 14,800 ETH, valued at about $30.5 million based on the current market price.

Note that deposits to major crypto exchanges like Coinbase are often interpreted as selling intent. Typically, whales move digital assets to exchanges to sell for profits or reposition.

Last month, an Ethereum whale, Garrett Jin, transferred 261,024 ETH worth $543 million to Binance, sparking sell-off concerns.

Back to the early ICO participant, their history shows massive unrealized gains. Thus, selling 15,000 ETH would lock in huge profits.

However, not every deposit leads to an immediate sale. It could be for staking, lending, or just liquidity, but in weak markets, it is viewed bearishly.

Ethereum Price Prediction

Currently, Ethereum (ETH) price traded at $2,046, demonstrating a 1.8% price drop over the past 24 hours. Amid the bearish trend, crypto trader Alan on X noted that ETH broke and closed decisively below a key support on the 4-hour chart.

Alan, therefore, identified $1,800 as the next major downside target if the breakdown continues. This represents a deeper correction zone, potentially 10% lower than current levels around $2,000.

Still, the trader is not calling for an immediate crash but staying neutral and open. Alan emphasized that he is watching to see either a bounce or more downward pressure in the short-term.

His comments have added to the cautious and short-term bearish narrative around Ethereum (ETH) right now.