Ethereum is moving toward the lower boundary of a downtrend channel that has been in place since April, putting the $2,180 to $2,230 range in focus as the market’s main support zone. The article cites a chart shared by analyst Ali Charts on X showing ETH falling to $2,191, close to the bottom of that structure. Data from CryptoAppsy also places Ethereum around $2,191, leaving traders focused on whether buyers will respond at this level.
Price presses against the lower edge of the channel
On the four-hour chart, Ethereum has continued to post lower highs and lower lows through the decline, a sign that sellers still control the short-term trend. The nearest support is marked at $2,180. If that level holds, the first rebound target is $2,280. Ali Charts said stronger buying interest near the channel floor could push ETH back toward the middle of the formation and possibly to the upper boundary near $2,390.
One more level stands out on the upside. The report identifies $2,330 as a key resistance area because of prior selling pressure there. If Ethereum breaks decisively below the lower channel line, the short-term decline could speed up. That leaves price behavior around the channel support and the $2,180 area as the main signal for the next move.
ETH/BTC hovers near 0.5 Fibonacci support
Ethereum’s performance against Bitcoin is also being tested at an important weekly level. A chart shared by analyst Sky on X shows ETH/BTC trading near 0.02817 BTC, close to the 0.5 Fibonacci retracement at 0.02781 BTC. The article also notes that the pair has remained inside the Gaussian Channel.
Earlier this year, ETH/BTC climbed from 0.01777 BTC before pulling back from its August peak. In Sky’s analysis, the 0.5 Fibonacci level remains the key near-term support. If that area holds, Ethereum could regain strength against Bitcoin. The first upside target is the 0.618 Fibonacci level at 0.03091 BTC. A stronger buying wave could then bring 0.03593 BTC and 0.03929 BTC into view. If the breakout extends, midterm Fibonacci targets between 0.06303 BTC and 0.07566 BTC may become relevant.
Sky said weekly closes above the support region would keep the bullish setup intact, with both the Gaussian Channel and the 0.5 Fibonacci level still acting as the foundation for a renewed move higher.