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Ethereum tests key support near $2,180 amid downtrend; ETH/BTC ratio holds crucial Fibonacci level.

Technical Signals
16 May 2026
Coinpaper
View Source
Neutral
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Ethereum is currently testing a critical support zone between $2,180 and $2,230 as it trades near the bottom of a descending 4-hour channel, signaling potential for a rebound if buyers step in. The ETH/BTC ratio is also holding near a major weekly Fibonacci support level around 0.02781 BTC, which could indicate Ethereum's strength relative to Bitcoin if maintained. Traders are watching these levels closely, as a break below the support could lead to further downside, while a defense might push ETH toward resistance levels near $2,280, $2,330, and $2,390. The situation remains cautious but offers a possible setup for Ethereum to regain momentum against both USD and Bitcoin.

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