In May 2026, this is the most critical technical event for Ethereum (ETH). Analysts have pointed out that $1,900 is the last significant support level, and this support was broken after undergoing a third major test, just as textbooks predicted.
ETH/USD Chart: $2,100 Support Broken, $1,900 Becomes the Focus
Factors Driving the Breakthrough
Since the beginning of this month, the factors pressuring ETH remain: high inflation, rising treasury yields, ETF fund outflows, and a lack of Ethereum-specific catalysts.
ETH has fallen for six consecutive weeks, while Bitcoin has only dropped in three of those weeks. This underperformance gap is structural, primarily influenced by the following factors: a high correlation of ETH with the Nasdaq 100 index (0.78), a lack of corresponding strategic treasury buyers, and the failure of ETF inflows to recover since the brief $356M monthly inflow in April.
The Glamsterdam upgrade remains the only potential fundamental catalyst that could change the situation, but specific testnet dates have yet to be announced.
Conclusion
Ethereum has broken the $2,100 support level for the first time in 2026, after this support had held for three weeks. The current ETH price is $2,075, marking the sixth consecutive week of decline. The textbook scenario is playing out again: the support level was broken after the third test.
The market outlook is bearish. The defined support level for ETH's downward movement in May 2026 has been breached.