Can ETH Reclaim $2,380 After Steep Selloff?

Ethereum remains under pressure as price action continues to reflect a broader bearish structure on the 4-hour chart. Although $ETH has stabilized near the $1,950 to $2,000 range, the recovery lacks conviction.

Sellers still control the trend, and momentum indicators show limited strength. Consequently, traders now focus on whether this consolidation marks a base or simply a pause before another leg lower.

Bearish Structure Keeps Pressure on Price

Ethereum peaked near $3,400 before entering a sustained decline marked by lower highs and lower lows. The breakdown below $2,600 accelerated downside momentum and pushed price toward the $1,746 macro support. That level, aligned with the 0 Fibonacci mark, triggered a relief bounce.

However, $ETH continues to trade below the 20, 50, 100, and 200 EMAs. This alignment confirms that sellers still dominate the broader structure.

Moreover, the $2,020 to $2,030 zone now acts as immediate resistance due to the EMA cluster. Price must reclaim this region to shift short-term momentum.

Above that, $2,137 represents the first key Fibonacci retracement barrier. A decisive move beyond this level could strengthen bullish sentiment.

However, the $2,380 area remains the critical structural ceiling. Only a sustained break above that level would confirm a more durable recovery phase.

On the downside, $ETH consolidates around the $1,950 to $1,960 range. Additionally, the $1,913 level aligns with the lower Bollinger Band and provides dynamic support.

If this floor fails, price could revisit the $1,746 swing low. A breakdown below that support would likely expose the $1,650 to $1,700 region. Hence, bulls must defend current levels to prevent renewed selling pressure.

Derivatives and Spot Flows Signal Caution

Open interest data reflects a clear cycle of expansion and contraction. During previous rallies, positioning surged and peaked above $60 billion. That buildup preceded a sharp unwind as price corrected. Recently, open interest stabilized near the mid-$20 billion range. This shift indicates lower leverage and more cautious participation in the derivatives market.

Source: Coinglass

Significantly, spot flow data shows a prolonged period of net outflows stretching from late summer into early winter. Repeated large withdrawals reinforced persistent selling pressure.

However, February introduced a sharp inflow spike exceeding $600 million.

This development suggests renewed accumulation interest. If follow-through inflows continue, Ethereum could build a more stable foundation. Until then, resistance levels remain the key hurdle for any sustained upside recovery.

Technical Outlook for Ethereum ($ETH) Price

Key levels remain clearly defined as Ethereum consolidates after a sharp correction. Price continues to trade below major moving averages, keeping the broader structure cautious. However, short-term compression suggests a decisive move may approach.

Upside levels: $2,020–$2,030 serves as immediate resistance at the 20 and 50 EMA cluster. A sustained break above this zone could open the path toward $2,137 (0.236 Fib). Beyond that, $2,380 (0.382 Fib) stands as the first strong structural barrier. If bullish momentum strengthens, extension targets sit at $2,576 (0.5 Fib) and $2,772 (0.618 Fib), where medium-term trend reversal potential increases.

Downside levels: $1,950–$1,960 acts as the current consolidation floor. Below that, $1,913 aligns with the lower Bollinger Band dynamic support. A failure to defend this level exposes $1,746, the major swing low and Fib 0 base. A breakdown under $1,746 could accelerate losses toward $1,700 and potentially $1,650.

Resistance ceiling: The $2,380 region remains the key level to flip for medium-term bullish momentum. Until price reclaims this area, rallies may remain corrective within a broader downtrend.

Technically, Ethereum appears to be stabilizing after a steep decline from the $3,400 peak. The structure resembles a consolidation phase beneath descending resistance, where volatility compression often precedes expansion. Additionally, open interest has cooled significantly from prior highs, indicating reduced leverage risk. This reset could support a healthier base if spot inflows continue.

Will Ethereum Go Up?

Ethereum’s near-term direction depends on whether buyers can defend $1,913 and build momentum toward $2,137. Strong inflows and reclaiming the EMA cluster would strengthen recovery prospects.

However, failure to hold the $1,913–$1,950 zone risks renewed selling pressure. For now, $ETH remains in a pivotal range where confirmation, not speculation, will determine the next major move.