The Test for $2,100 VWAP Support by Ethereum Following a 15% Slide in a Week

• Ethereum has already lost 15% after just one week of testing this support level at $2,100. 
• A fall below $2,100 could quickly lead Ethereum toward that $1,800 mark. 
• The 200-week moving average could act as the next support if it falls.

The weekly chart of Ethereum shows that it is currently at a key test point at the VWAP support derived from the cycle low. On this key level, price action is very brittle. Trading at $2,137.8, Ethereum has recorded a fall of 15.10% in just a week, erasing most of the earlier gains. It shows two prior instances where recovery occurred after price found support within the bounds of this VWAP. Now, price is testing it again, and all eyes are on whether it will do so again or if there is further downside.  

The VWAP supports very intense assault fire.

Since the VWAP from the cycle low serves as a dynamic support line to imply long-term positioning for Ethereum, price reactions at this level signify rebounds for longer periods, as illustrated by the prices in both 2022 and during mid-2023. These reactions led to traders becoming very optimistic. This test is occurring against a more volatile environment, which has many questioning whether Ethereum would hold its structure. The scenario would then be that if VWAP holds, then a recovery will form towards $2,500. But any breach beneath that would work out into lower targets.

Having last fallen from $3,500, Ethereum happens to be perched precariously at the next key support level at around $2,100. Should such a level break, previous price action would indicate the next price target at $1,800 as the next major zone of support. A decline of this magnitude would increase the pace of liquidations, thereby weighing down the market further. Traders continue to watch how Ethereum will weigh against this VWAP level, as failure will invite heftier retracements and uncertainty. 

200-Week Moving Average Gains Attention

Trading near the VWAP support, analysts are also researching near the 200-week moving average for Ethereum, which is located a bit below current price levels. In retrospective analyses, this long-term indicator proves to have offered strong support in a correction period for a long time, thus being another critical level to monitor. 

Social media discussions are also indicative of a divided sentiment—some see accumulation at the current price by Ethereum, while others are still apprehensive, waiting for a strong confirmation. The next few days will tell if Ethereum will bounce back or if it will go into extended correction.