On the other hand, Ethereum is trading at $1,977.48 with 1.09% gain in the past 24-hours. The near-term bias remains mildly bearish as price holds below the 50- and 100-day EMAs.
The RSI on the daily chart at 43 drifts under the 50 line, indicating limited bullish momentum after the rebound faded.
Immediate resistance is at $2,027-$2,050, ahead of the channel top at $2,148, where the 23.6% Fibonacci retracement of the $3,402-$1,747 decline at $2,138 reinforces an important supply area. A daily close above this would weaken the bearish sentiment and expose the 38.2% retracement at $2,380.
On the downside, immediate support is seen near the $1,856 level, followed by the channel floor near $1,750, which aligns with the 0.00% Fibonacci level.
Ethereum is up around 2.5% over the last week and approximately 6% in the past two weeks. Despite this recent rebound, the asset remains nearly 9% lower over the past 30 days.