Ethereum is showing signs of exhaustion after multiple failed attempts to reclaim the 100-day moving average around $1.95K. On the daily chart, repeated rejections from this dynamic resistance have shifted the outlook toward a bearish bias, with a return inside the descending channel likely triggering a decline toward the $1.56K to $1.64K demand zone. Near-term support lies at $1.85K to $1.87K, followed by a major demand zone between $1.75K and $1.79K. The Coinbase Premium Index remains in negative territory, indicating weak buying pressure from U.S.-based institutional participants and leaving Ethereum vulnerable to further downside if key support levels fail to hold.
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