ETH Drops To $2,256 Low, Bears Defend Critical Resistance Wall

Ethereum(ETH) slipped below $2,300 and touched a $2,256 low, leaving traders watching the $2,250 zone for the next directional cue.

ETH Price Breaks $2,320 Floor

The selloff unfolded on Apr. 29, with NewsBTC analyst Aayush Jindal flagging a clean break of the $2,320 level and the 100-hourly simple moving average.

Price spiked to $2,256 before consolidating. A bearish trend line now caps recovery attempts near $2,300 on the hourly chart.

Investing.com data pegged ETH between $2,281 and $2,315 on Monday, a 2.4% to 2.7% session loss tied to stalled US-Iran peace talks and Brent crude pushing to $108 per barrel. The pair trades roughly 50% below its October 2025 peak of $4,946.

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Bitmine Accumulation Versus Bearish Tape

The hourly MACD is gaining bearish momentum and the RSI sits below 50, both confirming weak short-term sentiment. A clean break under $2,220 opens the door to $2,180, with $2,120 marking the deeper floor.

CryptoQuant data showed the taker buy/sell ratio hitting its highest 30-day average since January 2023, a quiet accumulation signal even as price drifts lower.

The slide arrives despite heavy accumulation. Bitmine Immersion Technologies crossed 5 million ETH last week, and Grayscale plus Bitmine staked roughly $500 million in ETH on Apr. 25.

ETH fell from $3,500 in January to $1,840 in February, then carved higher lows through April. The $2,350 to $2,400 band has rejected every advance since mid-March.

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