ETH is in a complicated up-and-down pattern. It rose about 20% from that $1,700 bottom, but looking at the daily chart, it remains trapped in this downward channel that has been there since the end of last year. We're around $2.32k now, but it's still too early to confirm whether this is a real reversal or just a short-term relief within a downward trend that has been ongoing for months.

On the 4-hour chart, you can see it better: ETH recovered well from the $1,800 region and is now testing resistance around $2,150—that prominent peak from a few days ago. If it manages to break through and hold above that, it opens the door to $2,300–$2,400. But if it fails here and drops back below $2,000, it’s a sign that the recovery is losing momentum, and we’ll test those lows again.

What’s interesting: on-chain data shows that the amount of ETH on exchanges has been decreasing for a long time and has approached multi-year lows. This means a lot of ETH is leaving exchanges—whether for staking, self-management, or long-term holding. It’s not a guarantee of anything, but it suggests that people are accumulating behind the scenes, not distributing. When this price decline ends, the reduced supply on exchanges could significantly amplify any new demand that appears.