- Ethereum dropped after breaking support and now trades close to the $2,100 level.
- Cross-chain net inflows reached $11.3M, led by Polygon, zkSync Era, and Berachain.
- Ethereum dropped to $2,100 before rebounding with volume up 8% to $24.1 billion.
Ethereum (ETH) has experienced a strong breakdown, plunging to $2,116, which is its lowest point in over a month, after failing to hold above $2,491. The asset lost its grip on the rising wedge structure, which often forecasts bearish reversals. Once the price closed below the 50-day moving average at $2,491.75 and the 200-day at $2,586.89, the floodgates opened. A decisive daily candle followed, pushing price through the 0.5 Fibonacci retracement at $2,132.06.
This breakdown confirmed a rejection near $2,878.71, which aligned with the upper wedge resistance. To be precise, indicators offer no comfort either. The MACD has printed deep red bars with a bearish crossover. The signal line is now at 2.93, while the MACD line drops to -46.97, and the histogram barely breathes at -49.67, clear evidence of vanishing buyer strength.
Moreover, the 200-day moving average, once a pillar of bullish support, has now turned into a ceiling. The 200-day moving average that once acted as a strong support now offers a ceiling to the price. Should the downtrend continue, the confluence area at $1,385.41 then takes the focus as the next major support. Unless bulls manage some sort of miracle comeback, ETH may be heading for further downside.
With trendlines broken, momentum fading, and key support levels collapsing, ETH’s next move may not be kind to hopeful holders.
Cross-Chain Liquidity Floods Into Ethereum Amid Market Slide
Despite the price drop, Ethereum recorded strong inflows from other chains, showing continued demand for bridging activity. According to Artemis Analytics, ETH net inflows hit $11.3 million within 24 hours.
The top contributor was Polygon PoS, which contributed $11.8 million, followed by zkSync Era, which contributed $3.4 million, and Berachain, which contributed $3 million. Other chains like Arbitrum contributed $2.5 million, and Sonic followed with $2.3 million. Additional inflows came from Kaia ($404.7K), OP Mainnet ($240.3K), and Sui ($229.4K).
Meanwhile, smaller chains such as WorldChain, Linea, and Scroll recorded lower inflows. Ethereum also saw minor additions from Mode Network ($17.4K) and Story ($9.8K). These inflows came even as outflows directed liquidity to 10 other chains, including Solana at $892.4K, StarkNet at $743.4K, and BNB Chain at $253.9K.
Related: Bitcoin Leads the Market as Ethereum Slides Below EMA Levels
ETH Steadies Above $2.2K After Volatile Session
As of press time, the token is trading at $2,248 after a volatile 24-hour session that saw the asset dip to a low of $2,116. According to CoinMarketCap, the price is down 0.16% in the past day, yet signs of short-term recovery are visible.
The 24-hour trading volume contradicted the persistent bearishness in the market, surging 8.04% to $24.1 billion, reflecting increased activity. Its market cap sits at $271.4 billion, with a fully diluted valuation matching the exact figure. The total supply remains at 120.71 million ETH, with no increase in the max or circulating supply.
