Ethereum continues to trade in a corrective environment. Price movements reflect hesitation rather than clear directional intent. Despite multiple attempts to recover from the $1.8,000 demand zone, continued upside is limited and rallies are always met with rejection.
Therefore, the current structure suggests a transition period rather than a trend reversal. Buyers are guarding key support levels but have yet to demonstrate the strength needed to reclaim the higher time frame resistance.
Ethereum Price Analysis: Daily Chart
In the daily time frame, $ETH is still trading within a well-defined descending channel, maintaining a broad bear market structure. Price is still below the 100-day moving average (~$24,000) and 200-day (~$3,000) moving average and is trending down, supporting the current bearish trend.
The $230,000-$240,000 region continues to serve as the primary supply zone for the time being. This area coincides with a bearish daily order block and has repeatedly rejected price recently. On the downside, the $1.8,000 level remains an important support. A break below this level could accelerate the bearish momentum and reveal the target decline, extending to the critical $1.5,000 support zone.
$ETH/USDT 4 hour chart
On the 4 hour chart, $ETH After failing to break out of the $2.4,000 area, it has been consolidating within a narrow range. The rejection from this level led to the recent series of high declines as momentum clearly shifted to the bearish side.
The asset is currently hovering around $2,000. This is acting as a provisional support zone and is tightly reinforced by the lower bound of the pattern. If buyers are able to regain the short-term high of $2.2,000, the market is likely to retest the $2.4,000 range. However, failure to sustain in this area will weaken the structure and increase the likelihood of a collapse towards $1.8 million or even lower in the coming weeks.
sentiment analysis
The Coinbase Premium Index provides additional insight into market trends, especially from US-based participants. Recently, the index has again shown negative levels, indicating the lack of strong spot demand from Coinbase users.
This is a notable change compared to earlier periods when positive premiums were matched by stronger price increases. The current lack of consistently positive indicators suggests that institutional and spot-driven buying pressure is not yet strong enough to support a sustained rally.
Intermittent spikes into positive territory indicate that demand appears during a localized rally, but it quickly dissipates, reinforcing the idea that the rally is being sold rather than actively accumulated. Therefore, sentiment remains cautious. Although the market is no longer in a state of panic, confidence on the buyer side remains limited and continues to be so. $ETH in an unstable equilibrium.
