Ethereum Slides Below $2,000 for First Time Since May 2025

• Ether (ETH) fell below the critical $2,000 support level for the first time since May 2025.
• The breakdown signals increased bearish sentiment and heightened selling pressure in the crypto market.

Ethereum’s native token, Ether (ETH), fell sharply below the $2,000 zone, a level not seen since May 2025 as broader cryptocurrency markets came under intensified selling pressure Thursday. ETH dropped to around $1,927, marking a year-to-date low and drawing increased concern as Bitcoin and other major assets also weakened. The move extends declines from the multi-cycle peaks and has placed key psychological and technical support zones in focus.

Market sentiment turned bearish as traders reacted to accelerating sell orders that pushed ETH through long-held support levels. The breach of $2,000 originally seen as a significant floor since mid-2025 triggered additional stop-losses and fear-driven liquidations. Analysts noted that selling intensified as traders saw breaks of technical support as confirmation of a deeper corrective phase in the broader digital asset market.

Ethereum Breaks Long-Term Support as Bearish Structure Takes Hold

On the technical side, Ethereum’s chart structure reveals sustained weakness. The ETH price has recently broken below a long-term support zone between $2,200 and $2,000. This region had historically acted as a key demand area and trend reference. With the breakdown now confirmed, classic bearish patterns point to further downside risk. If the weakness persists, ETH sets downside targets between $1,665 and $1,725. These levels are derived from pattern projections and MVRV band analysis, which reflect market cycles where price can move toward lower bounds before stabilizing.

Zooming in, momentum indicators continue to signal that sellers are in control. ETH has been trading below key exponential moving averages — notably the 20-day and 50-day EMAs — which have flipped into resistance following failed attempts to reclaim higher levels. Additionally, open interest and funding rates in the derivatives market remain subdued and negative. This indicates reduced bullish participation and dominance of short positions across futures markets. This lack of speculative conviction compounds the price pressure, as fewer buyers step in at current levels to counteract the selling.

On-chain behavior also reflects a stress test. Exchange inflows have spiked as ETH balance on centralized platforms rose. That suggests increased selling willingness from holders rather than long-term accumulation. Mid-sized investors have reduced holdings, while some larger holders have absorbed part of the pressure.

Short-term outlook remains cautious until meaningful support is established. The former psychological floors near $2,000 and $1,800 are now key zones to watch. With breakdown below them likely to expose deeper levels around $1,600–$1,500 should broad market conditions stay bearish. 

Resistance during any corrective bounce is expected around the $2,200–$2,300 range. More substantive hurdles lie higher, near $2,500–$2,700, should buyers regain footing. Until these levels are reclaimed on a sustained basis, technical sentiment continues to favor downside risk. Volatility is also likely to remain elevated amid ongoing risk-off trading behavior.