Ethereum is trading around $2,148 after price swept liquidity above $2,300 and got rejected hard. The move drew buyers in, then reversed. That pattern is a fakeout, and it confirmed what the broader structure had been showing for weeks.

According to CryptoPatel on X, the zone between $2,230 and $2,400 acted as a short-term supply area. Price pushed into it, grabbed liquidity, and came back down. Bears haven’t lost control.

Fakeout Zone and What It Means

Multiple Break of Structure confirmations to the downside remain in place since ETH topped at $4,957. That’s not a minor data point. Every BOS since that peak has been bearish, and the recent bounce failed to change that.

“Multiple BOS to downside… bearish trend still intact. Fakeout above $2,300 — liquidity sweep plus rejection,” CryptoPatel posted on X.

A Fair Value Gap sitting between $2,474 and $2,634 is still open. Price hasn’t filled that imbalance. Until it does, it’s an overhead magnet, but getting there requires strength that isn’t showing up yet.

The descending trendline overhead has held. That dynamic resistance is still active and pressing down on any recovery attempts. Short-term rallies keep running into it.

$1,840 Is the Level to Watch

Bearish Order Block resistance sits between $2,898 and $3,034 on higher timeframes. That zone aligns with where sellers have previously stepped in hard. Any sustained move toward that area faces a significant wall.

The $1,840 support zone is where demand could show up. CryptoPatel flagged it as a potential reaction area, though the risk is clear. A daily candle closing below $1,840 changes the picture entirely, opening the path toward the $1,300 accumulation zone below.

That invalidation level matters. It isn’t a minor swing low, it’s a structural floor. A confirmed break there would suggest the broader correction has more room to run.

Range-Bound With a Bearish Lean

Ethereum sits in a range for now. No confirmation has emerged for a long setup. CryptoPatel said price needs to reclaim $2,500 with conviction before longs make sense. Until that happens, the market stays biased to the downside.

The setup is patience-dependent. A liquidity sweep lower remains possible before any meaningful recovery. The $2,148 area is stuck between two forces, demand at $1,840 and supply that rejected price from above $2,300.

That structure shapes the near-term outlook. No clean trend, no clear breakout, just a range with a bearish tilt and a defined line in the sand at $1,840.

Not financial advice. Always conduct your own research before making any investment decisions.