Ethereum is testing a key support level against both the US dollar and Bitcoin, drawing intense focus from investors as the short-term market remains directionless. The main concern now is whether Ethereum’s price can hold above its critical support range or face further declines.
Ethereum nears channel bottom
On the four-hour chart, Ethereum’s price action signals proximity to the lower boundary of a downtrend channel that has been ongoing since April. Particularly, the $2,180 to $2,230 range has emerged as the primary support band and is being watched closely after the latest drop. According to a chart shared by analyst Ali Charts on X, ETH dipped as low as $2,191, coming within reach of the channel’s bottom.
Throughout this downward trend, Ethereum has consistently printed lower highs and lows, indicating that sellers still have the upper hand in the short run. Data from CryptoAppsy shows that Ethereum is currently trading around $2,191. The nearest support sits at $2,180, and a rebound from this level could see prices recover towards $2,280 as first resistance.
Ali Charts notes that increased buying interest at the lower channel boundary could spark a rapid price recovery. Potential targets include both the channel’s midpoint and its upper limit at $2,390. However, $2,330 has also been outlined as a key resistance, given historical selling pressure at that price.
Technical indicators suggest that a sustained break below the lower channel could accelerate declines in the short term. Therefore, how the price behaves around the channel supports and the $2,180 zone will likely determine Ethereum’s next direction.
Ali Charts commented that he’s monitoring whether selling pressure subsides and buying picks up at the channel bottom; if so, a move first to $2,280 and then to the upper band at $2,390 could follow.
Critical support and new targets for ETH/BTC
Meanwhile, Ethereum’s value against Bitcoin is also testing an important weekly threshold. Crypto analyst Sky’s chart on X highlights both a major support and the potential for a reversal in the ETH/BTC pair on the weekly timeframe.
The pair, after retreating from its August peak, is currently trading near 0.02817 BTC. Chart analysis shows the price hovering close to the 0.5 Fibonacci retracement (0.02781 BTC). Ethereum has also managed to remain within the Gaussian Channel limit.
After climbing strongly from 0.01777 BTC at the start of the year, Ethereum registered brief peaks before pulling back somewhat. The 0.5 Fibonacci remains a primary support for the near term. As long as this area holds, ETH has room to outperform Bitcoin with a stronger move.
According to Sky’s analysis, if ETH/BTC can hold this range, its first major target is the 0.618 Fibonacci level at 0.03091 BTC. A stronger buy wave may bring new resistance challenges at 0.03593 and 0.03929 BTC. If the upward breakout continues, heftier Fibonacci targets between 0.06303 and 0.07566 BTC may come into play in the midterm. Weekly closes above the support region will keep the bullish scenario intact.
Sky emphasized that since Ethereum is preserving both the Gaussian Channel and the 0.5 Fibonacci level, this could pave the way for a fresh upward move in the coming period.
