ETH is still trading in a clear downtrend and the market is reacting quickly to macroeconomic and geopolitical risks. As the war in the Middle East adds further uncertainty, Ethereum sits near the 1800 zone on the chart, right on a key demand zone where buyers have repeatedly tried to defend.
Ethereum Price Analysis: The Daily Chart
The daily structure remains bearish inside a descending channel, and the price is still capped by the downtrend lines and the 100 and 200 day moving averages. Until ETH reclaims the major resistance levels of $2,400 and $2,800, the rallies look more like relief bounces than a true reversal.
Meanwhile, the nearby support zone is located at the $1,850-$1,700 demand zone, and if this level breaks down, the next bearish levels to watch are around $1,600 and $1,400, just above the lower trendline of the descending channel.
ETH/USDT 4-hour chart
On a 4-hour time frame, ETH is behaving more like a range within a broader downtrend, with price rotating between the support level near 1,800 and the resistance level near recent highs around $2,150. The latest push towards this level was decisively rejected, maintaining short-term momentum to the downside.
A bullish move would require holding the $1,850 level and then reclaiming the highs of $2,150 with follow-through, which could pave the way for a move back towards the $2,400 supply zone. But if the $1,850 support level fails and turns into resistance when retested, the road to the $1,600 mark and below will be clear.
On-Chain Analysis
The Ethereum Total Value Stake chart demonstrates an aggressive uptrend while the price is trending downward, which is a favorable long-term signal. This implies that more ETH is stuck in staking rather than remaining liquid, reducing the readily available supply over time. This behavior could be due to the long-term conviction of investors, as they buy ETH at discounted prices and lock it in for the long term.
However, this does not mean the bottom is near, as the price may fall further if forced sales and deleveraging continue. But if the market recovers key resistance levels as stakes continue to climb, it strengthens the case for a more sustainable recovery thereafter.
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