Ethereum Price Analysis: ETH Must Reclaim These Levels to Reverse Bearish Momentum

Ethereum is struggling to regain momentum after a failed breakout attempt earlier this week sent the price back toward $2.2K. With ETH now trading around $2.25K, buyers are defending a short-term support level that could decide whether the market stabilizes or extends its correction. Meanwhile, network activity between user wallets has dropped sharply from its mid-2026 highs, offering little sign of renewed demand. Ethereum Price Analysis: The Daily Chart Ethereum’s daily chart shows the asset breaking below the ascending channel that carried the price higher from the June lows near $1.5K. After topping out close to $2.8K in late September, ETH declined through the channel’s midpoint and eventually lost its lower boundary in late October. This indicates a clear deterioration in the medium-term structure. The subsequent rebound retested the $2.5K supply zone, which now overlaps with the broken lower trendline, but sellers rejected the move. This reaction shows that this former support has turned into resistance. ETH is now holding the $2.2K support level, which marked the late-October low, and buyers would first need to reclaim $2.5K to restore the bullish case and bring the $2.8K-$...