Ethereum Drops to $2,380 — Discount Zone Offers No Buying Signal Yet

⬤ Ethereum’s weekly chart continues to weaken, with ETH now trading around$2,380after sliding into a discount zone that was flagged well in advance. Despite the price landing in what looks like an attractive entry area, the chart structure doesn’t support aggressive buying just yet — sustained selling pressure is still the dominant theme, not accumulation.

⬤ The chart maps out a broader demand region alongside a tighter “smart money” zone near long-term support. Right now, price sits in the wider band, but volume data tells a different story — participation is low, and there’s no visible surge of demand at current levels. Buyers simply haven’t stepped in with real conviction yet.

⬤ Momentum indicators remain firmly in negative territory, with recent weekly bars expanding further to the downside. On this timeframe, conditions like these have historically led to drawn-out corrections rather than quick reversals. The setup looks noticeably different from prior bullish phases, when strong momentum and clear institutional participation were both present.

⬤ Ethereum likely has more room to fall before things improve. The$1,800level stands out as a potential lower target if selling continues. Until renewed buying pressure or a structural breakout confirms otherwise, landing in the discount zone alone is not enough to call a trend reversal.