Ethereum Price Analysis: ETH Jumps 3% in an Hour – What Comes Next?

Ethereum is struggling to hold its broader ascending structure as the price slipped toward $2.38K before rebounding to $2.46K. Renewed whale-sized spot activity near $2.4K adds significance to the current support test, but buyers have yet to establish a convincing reversal. Ethereum Price Analysis: The Daily Chart On the daily timeframe, Ethereum is trading just above the $2.36K–$2.44K demand zone after its sudden uptick, with the latest candle rebounding above the ascending channel’s lower boundary. Earlier downside wicks attracted buying interest, but repeated failures to sustain a rebound suggest that demand remains under pressure. A confirmed daily close outside the channel would strengthen the case for a broader structural breakdown. The 50% Fibonacci retracement of the advance from approximately $1.87K to $2.81K sits near $2.34K, immediately beneath demand. This creates an important support region around $2.34K–$2.36K. Losing it decisively could extend the correction toward the 61.8% retracement near $2.23K, followed by the 70.2% and 78.6% levels around $2.15K and $2.07K. Conversely, reclaiming the channel boundary and establishing support above $2.44K would weaken the immedi...