Ethereum is attempting to recover after briefly falling below the $2.4K support level, now trading around $2.45K. This $2.4K demand zone coincides with the rising lower boundary of an ascending channel, making it a technically significant area. The Coinbase Premium Index has dropped to approximately -0.1, its lowest reading since summer, signaling that US-based buying pressure remains weak. If buyers continue defending this support, ETH could attempt a move back toward $2.6K and potentially the $2.8K-$3K supply zone. Conversely, a daily close below $2.3K would break down from both the demand zone and the ascending channel, exposing the asset to further selling toward the $1.9K order block.
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