Ethereum $2,100: Analysts split as CryptoQuant warns $1,350

Ethereum traded around $2,100 on May 20 after a technical breakdown, with analysts offering divergent views on the market’s next move. Michaël van de Poppe described the price area as an accumulation zone, while CryptoQuant warned that a failed recovery could send Ether down to $1,350.

Van de Poppe outlined three reasons for treating the current range as a buying opportunity. He pointed to signs that government bond yields are topping in several countries, referenced an expected Senate vote on the CLARITY Act in June that could reduce regulatory uncertainty for the Ethereum ecosystem, and cited technical indicators. He noted the ETH/BTC pair failed to break above 0.0325 and is leaning toward support near 0.026, with the daily relative strength index below 30. In a May 20 post he wrote, “It’s time to accumulate Ethereum,” and added that the current range is where investors would look for positions.

CryptoQuant analysts wrote that the downside breakout from a triangle structure remains valid and that a failure to reclaim that pattern could accelerate selling. The note said, “If Ethereum fails to reclaim the broken triangle structure, selling pressure could accelerate further and price may target the $1,350 support level.” The firm also pointed to the market’s muted recovery after recent liquidation spikes as a sign of weak price structure.

On-chain data show total value locked in Ethereum decentralized finance fell about 41% since mid-January, decreasing from roughly $106 billion to $63 billion. The decline in DeFi activity and several recent exploits in decentralized finance have coincided with softer network activity and reduced holder engagement.

Market participants are watching the $2,100 area for signs of which path will follow. A sustained hold above that level is associated with potential upside scenarios that include a move back toward $2,500, while a clear break below would align with the deeper correction cited by CryptoQuant. Liquidity and short-term price action are the immediate metrics traders are monitoring.

Analysts noted macro conditions could affect momentum. If government yields begin to fall and the CLARITY Act advances, risk appetite in crypto markets could improve. Persistent yield strength and continued DeFi outflows would increase downside pressure.

Analysts also emphasized risk management, highlighting the need for disciplined position sizing and clear invalidation levels before adding exposure at current prices.