Ethereum is sliding toward $2,200 after another wave of selling extended the decline from the $2,800 highs. The asset is now trading in a key demand zone between $2,200 and $2,300, which coincides with the lower boundary of its short-term descending channel. A daily close below $2,200 would expose the $1,900 order block, while holding support could trigger a rebound toward $2,400 and then $2,500. CryptoQuant’s Coinbase Premium Index, which measures the price gap between Ethereum on Coinbase and Binance, has fallen to approximately -0.21, its lowest reading in the observed period, indicating sharply weakened US demand. A recovery in the index alongside the price would be needed to defend $2,200, as weak technical conditions could otherwise push Ethereum back below $2,000.
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