Ethereums (ETH) 45% Drop Sets Stage for Bigger Upside This Cycle

Bleeding Crypto shared a chart showing ETH inside a wide Fibonacci support zone. This area includes the 0.618 level at $2,748, the 0.706 level at $2,433, and the 0.786 level at $2,147. These zones line up with a price range where ETH traded sideways earlier this year.

The drop has brought ETH back into this prior consolidation range. That kind of structure has provided support in the past. The correction is deep but within the range of past cycles. If the asset stays in this area, it could form a base for future moves.

In addition, Ash Crypto posted that Ethereum has now filled a CME gap on the daily chart. It was left open for about four months, and it was between $2,850 and $3,000.

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“Most CME gaps are filled before a big move,” the post said.

Meanwhile, some traders see this as a technical step often completed before a shift in trend. The price is now in a key area, and watching volume and structure will be important in the next sessions.

$2,800 Flips From Support to Resistance

Ted pointed out that ETH has dropped below $2,800 and touched $2,650.

“If ETH doesnt reclaim the $2,800 level soon, expect a drop towards the $2,500 level,” he wrote.

This zone is also where realized prices of several wallet groups converge. That adds weight to it as a key level. If the market holds this range, it may offer a short-term bottom. If not, lower targets will stay in view.