Buying ETHUSD off support with $2,200 in sight

Since April 2, 2026, ETHUSD has been in a downtrend. The latest blow to the pair came when buyers failed to breach the $2,165 resistance. What followed was a violent about-face—prices plummeted to $2,047, leaving behind a towering red candle that swallowed the hard-won gains of the previous two sessions. 

Zooming out, quotes remain stuck in a broad consolidation box. Bollinger Bands confirm this, trading in a flat between $1,935 and $2,317. Today's key development is a clean break below the midline at $2,126, signaling that sellers have seized the steering wheel. The first real test for bulls lies in the $2,050–$2,080 zone, where the 100-hour moving average lurks. Losing this support could spell serious trouble for market participants. 

Meanwhile, the Chaikin Oscillator, which had been in positive territory for several days, began to roll over. This suggests that buying pressure is fading and a shift toward distribution may be underway. Volumes tell a similar story. The past three days saw heavy activity during the rally, but today's red candle reeks of profit-taking: big players are using the rebound to lock in gains and quietly head for the exits.

Look out beyond the horizon, and there is plenty to like. Vitalik Buterin's speedy transaction confirmation mechanism, the upcoming Ethereum Economic Zone, and the Aave V4 upgrade with real-world asset support are all bricks in a long-term bullish foundation. However, dig deeper, and the picture gets murky. The number of USDT wallets on ETH is shrinking—a sign that retail traders are losing their interest. In the meantime, whale behavior remains a puzzle, sending mixed signals at best.

Adding to the fog of uncertainty is Friday's US labor market report. Weak data could breathe new life into expectations of a Federal Reserve interest rate cut, which would weigh on the dollar and give risky assets like Ethereum a much-needed boost.

For those looking to act, pay attention to the trading plan down below: 

Buy ETHUSD during the current decline, at around $2,050. Place Take Profit at $2,200. Set Stop Loss at $1,965.

This forecast holds true from April 2 till April 9, 2026.