[DigitalToday reporter Yoonseo Lee (이윤서)] Ethereum is slipping below $2,300, shifting market attention to whether it can defend $2,200 and $2,000.

On April 28, local time, blockchain outlet Cointelegraph reported that ETH/USD was trading below $2,300 after falling 5 percent over the past two days. It has also given back most of its gains from the weekend.

The market is currently viewing the range between $2,350, the 100-day exponential moving average, and $2,220, the 100-day simple moving average (SMA), as a short-term turning point. If the price stays within that range, it could remain in a box range for a few more days before a direction is set, it said.

On the downside in the near term, the area around $2,200 is mentioned first. That level is where the 50-day and 100-day SMAs overlap. Telegram-based trading channel Technical Crypto Analyst said Ethereum could fall further after losing the $2,300 support trendline, and could test lower support areas in the coming days.

Market participants see $2,000 as a psychological support line. As views emerge that the next line of defense could be $2,000 if a daily candle closes below moving averages around $2,200, analyst Ted Pillows also suggested $1,800 to $1,750 as a buying zone to watch on X, formerly Twitter. The zone aligns with a multi-year low recorded on Feb. 6.

On the upside, $2,400 and $2,800 are cited as key price levels. Trader Daan Crypto Trades presented $2,100 as support and $2,800 as resistance, and pointed out that Ethereum's price has reflected that range relatively clearly over the past few years.

In particular, $2,400 is being cited as a threshold for a bullish reversal beyond a simple resistance line. It is where the realised price is currently located. CryptoQuant analyst CW8900 assessed this as a very important psychological factor. The analyst also mentioned that if whale investors re-enter the profit zone, buying capacity could strengthen further.

Derivatives markets are also reacting sensitively to the $2,400 level. Based on liquidation maps, if Ethereum breaks above $2,400, more than $1.94 billion in short positions could be liquidated across exchanges. That would mean that if bearish bets are unwound all at once, the price rebound could continue more steeply.

Ultimately, the key to the near-term trend depends on whether it can hold $2,200 and whether it can turn $2,400 back into a support line. If $2,200 breaks, $2,000 and the $1,800 range below it become the next areas to watch. If it recovers $2,400, the market is also citing the possibility that upside volatility could increase along with short liquidations.

$ETH has dropped below the $2,300 level. The next crucial support zone is $2,200 which could be a level for a short-term bounceback. pic.twitter.com/NI3QI9koMk