Ethereum is at an interesting crossroads right now. It recently hit $2,416 with that 10% surge, but it didn't last. Now it's hovering around $2.33k, and honestly, the momentum has faded quite quickly.

What catches my attention is that every time ETH tries to break that zone of $2,360 to $2,400, selling pressure appears. It's no coincidence; that's real resistance. Additionally, the overall crypto market has become more defensive — Bitcoin dominance is rising, which means capital is migrating into BTC instead of altcoins. Ethereum, being the largest altcoin, always suffers first in these rotations.

For Ethereum's short-term outlook, everything depends on the $2,312 level. If it holds, there’s a chance for another attempt toward $2,400. But if it breaks, we're looking at a drop toward $2,173, which would be a 6% retracement. It’s not an extreme move considering the rebound we had, but it makes the difference between holding onto hope or confirming that the bears are taking control.

The ETH/BTC ratio is also weak, so as long as that doesn’t stabilize, the Ethereum outlook will remain cautious. Buyers need to defend that $2,312 at all costs because if they don’t, the bears will have a free pass. For now, it’s more uncertainty than panic, but that support is literally the battlefield.