Ethereum is falling below $2,400 after rebounding from $2,200 and encountering resistance around $2,500, where its multi-month ascending channel broke down. A daily close above this area would be the first sign that the breakdown was temporary and could reopen the path toward the $2,800 swing high. On the downside, the $2,160 zone has so far contained the pullback, while a daily close below it would expose $2,000 and then the $1,900 demand zone. The four-hour chart is more constructive, with repeated defense of $2,200 and a break above the descending channel’s upper trendline, but a return inside the channel would invalidate the breakout scenario. The Coinbase Premium Index is improving after plunging to roughly -0.21, but remains negative at -0.09, showing that US demand has yet to return meaningfully.
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