Ethereum Price Faces a New Risk and Potential Dip – Here’s Why

Ethereum (ETH) price has broken down from the midline of its daily ascending channel after weeks of tightening volatility, opening the door to a slide toward $2,070 if support at $2,264 fails to hold. The second-largest cryptocurrency trades near $2,291 at the time of writing, down roughly 0.93% over the past 24 hours. Meanwhile, ETH/BTC has collapsed from its own ascending channel on the 12-hour chart and now points to 0.028 BTC after a clean retest of broken support. Daily ETH/USDT Chart Hints at a Big Move From Compressed Volatility The daily ETH/USDT chart traces an ascending parallel channel that originated on February 6. Price has reacted cleanly to the upper and lower bands, and especially to the channel midline, which has flipped between support and resistance several times during the move higher. That midline is now breaking. If the close confirms the loss, the channel projects a measured slide toward the lower band near $2,070. Below that, the next horizontal supports stack at $2,001.70 and $1,920, both areas tested earlier in February and March. To the upside, $2,370 has rejected price multiple times and remains the resistance that would invalidate the bearish structure on a sustained reclaim. Previous forecasts for April had flagged this band as the pivot. The RSI sits slightly above 50, neutral and offering no edge in either direction. More telling is the volatility reading (BBWP), which prints three consecutive extremely low blue bars, while daily volume continues to decline. That setup historically resolves with an outsized move in either direction. ETH daily chart / Source: Tradingview 4-Hour Ethereum Chart Confirms Active Bearish Momentum While the daily picture still hides inside a multi-month structure, the 4-hour ETH/USDT chart already shows visible damage. Price broke its short-term ascending trendline and is currently testing the 0.382 Fibonacci retracement at $2,264. If that level fails, the next high probability support sits in the golden ...