Explanation
This formula is a standard version of INDEX + MATCH with a small twist.
Working from the inside out, MATCH is used find the correct row number for the value in F4, 2100. Without the third argument, match_type, defined, MATCH defaults to approximate match and returns 2.
The small twist is that we add 1 to this result to override the matched result and return 3 as the row number for INDEX.
With level (C5:C9) supplied as the array, and 3 as the row number, INDEX returns "Gold":
=INDEX(level,3) // returns Gold
Another option
The above approach works fine for simple lookups. If you want to use MATCH to find the "next largest" match in more traditional way, you can sort the lookup array in descending order, and use MATCH as described on this page.
Related formulas
Next largest match with the MATCH function
INDEX and MATCH approximate match
Related functions
INDEX Function
The Excel INDEX function returns the value at a given location in a range or array. You can use INDEX to retrieve individual values, or entire rows and columns. The MATCH function is often used together with INDEX to provide row and column numbers....
MATCH Function
MATCH is an Excel function used to locate the position of a lookup value in a row, column, or table. MATCH supports approximate and exact matching, and wildcards (* ?) for partial matches. Often, MATCH is combined with the...
