I see that Ethereum drops again, it seems to be stuck in the support zone now. Trying to recover again but suddenly dropped from the $2.4k resistance. The current price is hovering around $2.32k, but it seems hard to hold here for long.

Looking at the technical side, Ethereum drops continue because there are still many layers of resistance. The 100-day and 200-day moving averages are still above, acting like barriers to recovery. The chart structure is still clearly bearish - lower highs, lower lows, no strong bounce. If support at $2k level is lost, it's certain that Ethereum will drop further, with a target of the $1.8k support zone.

The short-term picture is even more concerning. I saw that the ascending channel that was here has broken, and the breakout point has not been regained. Momentum has really decreased, RSI is neutral now. If Ethereum drops below $2k convincingly, that’s the signal for larger pullbacks.

But there’s still upside if buyers push back. They need to defend $2k and fight back to $2.2k to change the structure. The leverage situation is also concerning - positions are high, so in any direction, sharp moves could happen. The Ethereum drops scenario is more probable now based on the setup, but watch out for liquidation cascades if volatility increases.