Ethereum has broken below the $2,100 high-timeframe support zone, a level that held as a base for most of the past two months. The move is now pointing toward a deeper retracement.
That support area, which CrypticTrades_ on X had been flagging in prior portfolio and trade updates, was described as a strong bottoming formation. Its breakdown has now opened a path toward the next key demand range below it.
Deeper Pullback Now on the Table
According to CrypticTrades_ on X, Ethereum’s price has slipped through the high-timeframe support range marked in purple, sitting at $2,100. That zone had held for several weeks and was watched closely as a potential base.
The next area in focus sits lower, marked in green. It aligns with where ETH bottomed in early April of last year. CrypticTrades_ on X described it as the high-timeframe support range that is now the probable destination if the current weakness extends.
Still, no changes to positioning. CrypticTrades_ noted on X that hedges taken after the earlier breakdown below the $2,800 support level remained in place, because no clear signs of strength appeared to justify closing them out.
“There were no clear signs of strength that would point towards a durable bottoming formation,” CrypticTrades_ posted on X.
The $2,800 level had been the prior high-timeframe support range. Its loss triggered the hedge positions now still being held. That detail is worth repeating because it shows the trade was planned well before the $2,100 break happened.
What the Next Few Days Look Like
CrypticTrades_ on X said the plan over the next couple of days is to begin scaling out of those hedges and rotating the freed capital back into spot holdings. The reasoning is that inside the green high-timeframe support range, the risk-reward setup should finally tilt toward bulls.
The Ethereum price area in focus for that rotation has not been given a precise number, but it aligns with the early-April 2024 lows. That range held as a significant base last year. A repeat visit could set up a similar recovery if demand shows up there again.
CrypticTrades_ did not signal any full exit from the hedge book yet. The scaling will be gradual, with the green zone acting as the guide.
