$ETH dropped hard and the supply zone above is the last checkpoint before $2,092 comes into play

Ethereum has been in a controlled descent since May 14 and the 30-minute chart is now showing the clearest directional signal of the entire move. Current price at $2,124.95 is sitting below a key supply zone after a sharp flush of over 2% on the session — the kind of candle that doesn't reverse immediately without a proper retest first.
The pink supply zone between $2,183 and $2,207 is the unmitigated area sitting directly above current price. Price broke out of that zone to the downside with force, which means it left unfilled orders and resting sell pressure behind it. The projection mapped on this chart expects one more push back into that zone before the continuation lower develops. That bounce is not a recovery. It is the market giving late buyers a reason to re-enter before sellers reassert control from the same level that already rejected price once.
The blue projection window outlines the expected path precisely. Bounce into $2,183 to $2,207, rejection from the supply zone, then a continuation drop toward the $2,092.15 floor where the move terminates. That target level aligns with the dotted support reference visible across the May 15 to 17 range and represents the next meaningful area where demand could step in and absorb the selling.
A move from the supply zone rejection to $2,092 would represent roughly a 4% decline from the retest level. On a 30-minute timeframe with this structure behind it the sequence could complete within hours depending on broader market conditions.
Supply zone holds at $2,183 to $2,207, $2,092 is the destination. A clean break and hold above $2,207 invalidates the bearish read entirely.
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