Ethereum Price Slips Below $2.1K as Coinbase Flags L1 Revival

Ethereum drops below $2.1K as Coinbase highlights rising L1 activity, stablecoin growth, and key support near $1.7K.

Ethereum traded near $1,990 on Saturday after losing a major technical support zone around $2,100. 

Coinbase Institutional said on X that user activity and stablecoin balances have recently tilted back toward Ethereum’s base layer. 

The firm linked the shift to rising stablecoin regulation clarity and stronger demand for Ethereum’s core infrastructure. 

Meanwhile, market analyst Daan Crypto Trades pointed to the same $2.1K zone as the level that now defines short-term direction. At publication, CoinGecko data placed ETH at $1,992.67, down 0.92% in 24 hours and 7.47% over the past week.

Ethereum L1 Activity Gains Ground Against L2s

Coinbase Institutional said Ethereum’s network fundamentals continue to improve even as price remains under pressure. 

According to the firm, both user activity and stablecoin balances have started rotating back toward Ethereum relative to layer-2 networks.

This shift stands out because stablecoin supply and tokenized asset values on Ethereum now sit near record highs. Additionally, Coinbase noted that momentum remains positive as regulated stablecoin use cases continue expanding.

The firm also highlighted Ethereum’s edge in composability and execution density. These metrics often act as proxies for more organic on-chain demand.

Besides that, Coinbase said ETH has outperformed all major L2 tokens since October 2025. That relative strength keeps attention on Ethereum’s role as the settlement layer for tokenized finance.

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ETH Price Loses Key $2.1K Support Level

On the technical side, Daan Crypto Trades shared a 3-day Ethereum chart showing ETH back below the $2,106 to $2,166 range. That horizontal zone had served as the main local pivot during recent consolidation.

Price briefly reclaimed the area before failing to hold above it. Consequently, the rejection turned the same band back into overhead resistance.

Daan said there is “no interest” in the setup until ETH retakes $2.1K or revisits the recent lows. The chart places immediate resistance at that failed reclaim zone.

As long as ETH trades below it, the short-term structure remains weak. Sellers continue to control rallies into resistance.

Ethereum Price Outlook Hinges on $2.1K or $1.7K

The chart now presents two clear paths for ETH price action. First, a strong 3-day close above $2,100 could restore bullish momentum.

If buyers reclaim and defend that level, the next visible supply zone sits near $2,800. That would mark the first major upside objective from current levels.

However, continued rejection keeps focus on the local swing lows around $1,720 to $1,750. That area represents the most visible liquidity zone on Daan’s chart.

Ethereum remains trapped between heavy resistance and nearby downside support. Until either level breaks cleanly, price action likely stays range-bound with reduced conviction.

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