<ul data-eligibleForWebStory="true"><li>Ethereum faces downward pressure after losing bullish grip near $2,900.</li><li>Market downturn, liquidation activity, and weak technical structure push ETH below critical levels.</li><li>Short-term outlook cautious with price action and on-chain metrics suggesting potential deeper corrections.</li><li>Daily chart shows bearish breakdown from ascending channel, dropping ETH to $2,200 range.</li><li>Price tapped into Fair Value Gap zone but momentum remains weak.</li><li>RSI around 35, not oversold yet, but FVG failing could lead to $1,500 support test.</li><li>4-hour chart indicates steady downtrend with RSI at 34, suggesting potential move towards $2,000 if $2,300 is not reclaimed.</li><li>Visible bearish structure with lower highs and lower lows.</li><li>Massive spike in long liquidations seen as ETH dropped to $2,200, reflecting crowded bullish trade.</li><li>Liquidations may exaggerate downside movements in highly leveraged environments.</li><li>Long liquidations at levels unseen in months show sentiment shift from bullish to defensive.</li></ul>

Ethereum Price Analysis: ETH Drops to Critical Area but is $1.5K in Play?

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