ETH Defends $2.4K Support Despite Weakening US Buying Pressure: Ethereum Price Analysis

Ethereum is attempting to recover after a sharp sweep below the $2.4K support region, now trading around $2.45K. The rebound has brought the price back to the upper boundary of a key demand zone, but the market still needs to show that buyers can hold this area before the broader recovery can be considered back on track. Meanwhile, the Coinbase Premium Index has dropped to its deepest negative reading in months, suggesting that US-based demand remains weak despite the latest bounce. Ethereum Price Analysis: The Daily Chart On the daily timeframe, Ethereum continues to trade within the ascending channel that has guided its recovery from the June lows near $1.5K. The sharp August rally carried ETH from the $1.9K region toward $2.5K, then advanced into the $2.8K supply zone in late September. Sellers defended that region, and the subsequent decline pushed the price below the channel’s midpoint. The correction has now brought ETH into the highlighted $2.4K demand zone, which overlaps with the channel’s rising lower boundary. This confluence makes the area especially significant. Yesterday, the price briefly wicked below the zone toward approximately $2.3K before buyers stepped in, and ...