Ethereum Price Analysis: Can ETH Finally Break Out of This Bearish Channel?

Ethereum is trading below $2.2k as the second week of Q2 gets underway. The asset is caught between a slowly improving short-term structure and a daily chart that remains firmly in bearish territory. ETH has managed to hold above the critical $1.8k support zone since the February lows, but the recovery has been choppy and unconvincing. Ethereum Price Analysis: The Daily Chart The macro picture on the daily chart has not materially changed over the past couple of weeks. ETH continues to trade inside a well-defined descending channel, with the 100-day MA (~$2.4k) and 200-day MA (~$2.9k) both declining overhead and forming a compressing resistance ceiling. The $2.4k zone in particular has acted as a hard cap on recovery attempts since February. Current price sits just above the $2.15k short-term resistance-turned-support area. This level has served as a pivot zone over the past several weeks. Still, the $1.8k support band remains the most important level on the chart. A breakdown below it on a daily close basis would expose ETH to $1.6k and $1.4k. Yet, with the price now testing the higher boundary of the descending channel, a successful breakout can lead to a rise above the $2.4k level and the 100-day moving average, which is what buyers would hope to see in the upcoming days. ETH/USDT 4-Hour Chart On the 4-hour chart, ETH’s consolidation in the broad range between roughly $2k and $2.4k since early February is evident. The ascending trendline from the lows has been providing some short-term support. Moreover, the price has recently pushed back toward the upper end of the range, currently retesting the $2.15k area with the RSI above 50. This suggests near-term bullish momentum is building. The key resistance to watch on this timeframe sits at $2.3k–$2.4k. This is the zone that has capped every meaningful rally attempt in recent weeks. A clean breakout and close above $2.4k would be the most constructive development ETH has seen in months and could open a run toward ...