Ethereum is attempting to stabilise following its recent pullback, but price action remains technically fragile without confirmation of a sustained bullish reversal.
Analysts note that until ETH prints a clear five-wave impulsive structure to the upside or decisively breaks above the recent weekend high, the probability of further downside remains elevated.
The bounce from last week’s low has so far appeared corrective rather than impulsive, suggesting a potential counter-trend move within a broader bearish or sideways framework.
A key rejection at the $2,100 level, which previously acted as support and has now flipped to resistance, highlights the market’s inability to reclaim lost structure.
Failure to convert $2,100 back into support keeps the broader risk profile tilted toward caution, with momentum yet to expand in a way consistent with a durable bottom.
Some analysts identify a higher-timeframe support zone near the early-April bottoming region as the next logical area if price continues lower.
Until Ethereum demonstrates clear structural strength and reclaims key resistance levels, traders are likely to prioritise capital preservation and maintain hedges against further downside volatility.
At the time of reporting, Ethereum price was $1,932.73.