Ethereum Slips Into the Channel – Is a Reversal Brewing???

ETHUSDT.P

The price did a breakout above the channel but failed to hold above it and dropped back into the descending parallel channel on the 4-hour timeframe, reflecting a short-term bearish trend. The price has been making lower highs and lower lows, gradually grinding toward the immediate support zone between $2,399 and $2,363.

The price did a breakout above the channel but failed to hold above it and dropped back into the channel.

This zone is critical and may offer a bounce if bulls step in. A breakdown below this range could extend the downside move toward $2,227, a major structural support level.

On the upside, Ethereum faces resistance around $2,624 to $2,646, which needs to be cleared for any bullish continuation. Until then, price action remains under pressure within the channel.

It is advised to wait for a breakout from the channel to initiate any long position on ETH or a breakdown from the support for short positions.