Ether (ETH) could see another edged decline after losing the $2,800 support level, with technical charts and onchain data suggesting a continuation of the downtrend.

Key takeaways:

• Ether’s descending and symmetrical triangle configurations converge at $2,100.

• Ether is trading at levels that have previously preceded deeper price corrections, based on onchain data.

Ether chart technicals are converging at $2,100

The ETH/USD pair has fallen over 10% over the past three days, falling below the key support at $2,800.

Ether has not traded below this level since December 3, 2025, and its loss suggests that lower ETH price levels may be at play.

Related: Cryptocurrency market weakness persists, but Ethereum metrics point to an boost to 3.3k. dollars

At the time of writing, ETH is trading around $2,700, which is a do or die level for the bulls. he said Metacryptox by adding:

“Failure to hold here confirms bear dominance, potentially opening the door to the mid-$2,500 range.”

The $2,800 level coincides with the horizontal line of the descending triangle that was broken on Thursday.

The next major support is $2,500, which coincides with the 200-week Simple Moving Average (SMA) as shown in the chart below.

Below this price, it could fall towards the measured triangle target of $2,150, a 20% decline from the current level.

The bearish deviation from the relative strength index, which fell to 34 from 68 in early January, indicates weakening price momentum.

Meanwhile, veteran trader Peter Brandt said the “burden of proof” was on the bulls after the ETH/USD pair broke below the lower trendline of the symmetrical triangle.

Brandt’s chart indicates a greater downside risk, especially after the price drops below the $2,800 level.

The measured target of the pattern, calculated by adding the width of the triangle to the breakout point, is $2,100, which represents a decline of 22% from the current price.

As reported by Cointelegraph, the area between $3,000 and $2,800 was a key support zone for Ether, and its loss put ETH at risk of further losses.

Ethereum reflects previous market configurations before the bear market

Onchain data also reveals similarities between the current ETH market setup and previous bear cycles.

Ether’s net unrealized profit/loss (NUPL) indicator has moved from “concern (yellow)” to “fear zone (orange)”, which is usually associated with the beginning of a bear market.

NUPL measures the difference between the relative unrealized gain and the relative unrealized loss of ETH holders.

In previous market cycles, the transition to fear was accompanied by prolonged price declines, as shown in the chart below.

Meanwhile, chart technical data shows that the 111-day moving average (MA) is currently trading below the 200-day MA. Similar crossovers triggered the beginning of deeper ETH price declines during the 2018 and 2022 bear markets, as shown in the chart below.