As someone observing Ethereum's recent decline, I see an interesting pattern in the charts. After breaking the $2,800 level, the Ethereum price drop faces significant selling pressure. The RSI is around the mid-30s, indicating weakening momentum.

At this point, everyone is asking the same question: where will support hold? Around $2,500 looks critical—this is where the 200-week moving average passes. If this level also breaks, the target calculated by the triangle pattern could go below $2,100. At the time of writing, ETH is trading around $2,300.

On-chain data also issues warnings. The NUPL metric has entered the 'fear' zone—this shows investors are hesitant to take risks. The intersection of the 111-day and 200-day moving averages also supports downward momentum. In previous bear markets, such crossovers have been followed by larger declines.

For Ethereum to break out of this downward trend, buyers need to hold at the $2,500 level; otherwise, the Ethereum price could continue to drop. Without improved liquidity conditions and reduced selling pressure, the risk of testing lower levels in the near term remains high.