Ethereum Drops to $2,130: What Levels Will Determine ETH's Next Move

Ethereum (ETH) traded around $2,130 on November 9, 2026, following a continued decline that began the previous week. The cryptocurrency lost support in the $2,170–2,220 range, which had previously held back selling pressure. The published technical analysis considers the possibility of further movement towards the psychologically important level of $2,000 if buyers fail to regain their positions.

The latest wave of selling followed an unsuccessful attempt to rise to $2,440. After the reversal, ETH briefly stabilized around $2,240 but then resumed its decline, reaching a local low near $2,060 on the author's chart. The subsequent recovery was insufficient to push the price back above the previously breached support.

Key Levels for Ethereum on the Daily Chart

On the daily chart, ETH retains signs of a downward movement after exiting the previously formed upward channel. The recent recovery attempt ended at the lower boundary of the supply area $2,440–2,520, where seller activity intensified. Subsequently, the price fell below the $2,170–2,220 range, which may now act as resistance in new growth attempts.

The nearest target for a possible continued decline remains the local low around $2,060. If ETH consolidates below this mark, the next area of focus will be the $2,000 level, followed by a broader zone of potential demand at $1,900–1,980. These values reflect the technical structure of the chart and are not guaranteed movement targets.

An alternative scenario suggests a return of the price above $2,170–2,220. Sustained consolidation above this range could weaken the negative signal that emerged after its breach. In this case, the next area of potential recovery would be $2,280–2,360, but for continued growth, buyers will need to overcome nearby resistance levels.

What the Four-Hour ETH Chart Shows

On the four-hour chart, Ethereum maintains a sequence of gradually decreasing highs and lows. Previously, the price briefly rose above the upper boundary of the descending channel and reached the $2,440 area, but failed to stay outside the figure. After returning inside the channel, ETH consolidated around $2,240 and then resumed its decline.

At the time of analysis, the price was near the lower boundary of the channel, passing approximately through $2,060–2,080. This area may serve as a basis for a short-term recovery; however, a rebound alone will not signify the end of the downward movement. To change the short-term technical structure, overcoming the nearest resistance is necessary.

The first test for buyers will be a return to the $2,170–2,220 range. If the recovery attempt stalls in this area, the risk of a repeat decline to recent lows remains. Consolidation above $2,240–2,250, on the other hand, could ease selling pressure and open the possibility of moving to the upper boundary of the descending channel around $2,300.

Why Funding Rates Attract Analysts' Attention

An additional indicator of market sentiment is the funding rates of perpetual futures on ETH. The original study examines their 14-period exponential moving average, which remained positive despite the price decline. This indicates a certain demand for long positions during the period under review, although individual exchanges may have recorded negative current rates.

In the perpetual futures market, a positive funding rate means that long position holders pay short position holders. This mechanism helps keep the derivative contract's price close to Ethereum's spot price. However, a positive value does not by itself indicate the extent of participants' leverage or whether there is an immediate threat of mass liquidations.

In this case, attention is drawn to the divergence between the decline in ETH and the maintained positive moving average of funding rates. It may indicate that some participants continued to expect a recovery even after the deterioration of the price structure. If the decline continues, long positions with high leverage may come under additional pressure, but assessing the scale of such a risk requires information on open interest and position collateral.

What Scenarios Remain Possible

The near-term dynamics of ETH will primarily depend on the price's ability to hold above the local low around $2,060 and regain support at $2,170–2,220. Sustained decline below the first level will increase the significance of the $2,000 mark and the $1,900–1,980 area. Recovery above the second range, on the other hand, will argue for easing short-term selling pressure.

Derivatives market indicators can complement the technical picture but do not independently determine the cryptocurrency's direction. A positive moving average of funding rates does not preclude further decline, just as reaching a demand zone does not guarantee recovery. Therefore, the levels considered should be viewed as conditional market scenarios rather than a reliable forecast of ETH's value.