Ethereum has officially broken below its 200 EMA on the daily chart, a level it has defended since February 2025. This technical breach is a notable shift in ETH’s market structure and could be the start of a deeper correction many investors are not prepared for. After weeks of consolidating within a narrow ascending channel, ETH has finally slipped out, falling sharply below the key 200 EMA (black line). This line often acts as a long-term trend indicator, and breaking beneath it signals that Ethereum may be entering a more prolonged corrective phase. Adding to the pressure is the sharp increase in sell-side volume, which confirms the strength of the current breakdown. From a price-action standpoint, ETH’s recent attempt to test the $2,800 resistance has failed, and the rejection from that level now appears to have triggered a significant wave of selling. Currently, Ethereum sits at around $2,473, moving between major support and looming downside risk. The next potential support lies around the 100 EMA (orange line), which has curled upward and is approaching ETH’s current price. This level may offer a temporary lifeline and prevent the descent from gaining momentum, at least in the short term. However, investors should not ignore the bearish undertone. The RSI is drifting toward 50, a neutral zone that could quickly flip into oversold territory if bearish momentum accelerates. Furthermore, Ethereum’s inability to maintain the higher low pattern suggests that bulls are losing control of the trend. Ethereum’s slip below the 200 EMA is a major red flag in the current market cycle. If the 50 EMA fails to act as a bounce point, ETH may find itself revisiting the $2,300-$2,200 range in the near future. Caution is warranted, as this could be more than just a dip.