Ethereum (ETH) continues to be under pressure on higher time frames, with price movements contained within a clear bearish pattern. The token is trading significantly below major moving averages while struggling to build on weak recovery momentum after stabilizing near the $1,900 mark in February.
Ethereum (ETH) continues to trade below the 100-day and 200-day moving averages. Both averages are trending lower, confirming the ongoing downtrend. Every attempt to trade above this area has failed to yield a positive outcome.
ETH Stalls Under Descending Channel
ETH continues to respect a descending channel that has defined the price movements for the past few months. Every attempt to trade above the channel results in a reversal before a major shift point. Cryptocurrency now sits just above support near $1,900. This area held firm after February’s rapid decline.
Upside progress remains capped. Resistance levels are at $2,400 and again at $2,800. Sellers are quick to respond to any progress. The latest progress seems to have limited upside potential. Market responses indicate bearish action remains active.
Source: TradingView
For ETH, the asset must rise past the descending resistance to change the current market sentiment. Gaining traction past $2,400 implies positive signs are emerging. Until then, the latest progress remains a relief rally, according to analysts.
ETH Finds Support, Targets Upside Levels
Analyst Jonathan Carter highlighted that the token bounced off the lower end of an ascending channel on the weekly time frame. He emphasized the support remains intact and highlighted the clean risk-reward setup within the broader structure.
Also Read: Ethereum Network Activity Surges to 10-Year High As Price Struggles at $2K
Carter has mentioned the recovery levels at $2,350, $2,800, $3,550, $4,700, and $5,700. However, these figures remain relevant if the momentum is favorable. The defended support indicates the presence of buyers at lower boundaries.
Source: X
Trading Volume Surges as Open Interest Declines
CoinGlass data shows rising activity. However, the trading volume has surged by 25.51% to $30.44 billion. The open interest has declined by 1.14% to $25.23 billion. Moreover, the token OI weighted funding rate is at -0.0053%.
Source: CoinGlass
The token continues to trade within a pressured environment. Buyers are required to provide stronger confirmation to counter the current market structure. Until the levels are reclaimed, the overall market tone remains cautious.
Also Read: Dogecoin (DOGE) Forms Giant Bullish Pennant: Is a Rally Toward $0.35 Next?
