Recently, Ethereum faced rejection near $2,150, which marked the upper boundary of its consolidation range. ETH is currently trading at $1,969.33 with 5.71% decline in the past 24 hours.
The recovery will continue if ETH manages to close above the upper consolidation range at $2,149; it could extend the recovery toward the next key resistance at $2,400.
The RSI and MACD indicators of Ethereum also show decreasing bearish momentum, suggesting short-term recovery.
However, if ETH faces a correction, it could extend to $1,747, the lower end of the consolidation range.