Can Ethereum bulls defend $2,000 support as ETFs continue to bleed?
The chart also shows ETH struggling below the 0.236 Fibonacci retracement level near $2,238, which has repeatedly acted as a major resistance region throughout recent recovery attempts. Failure to reclaim Fibonacci resistance levels during relief rallies often signals that bullish momentum remains weak rather than establishing a sustainable trend reversal. Ethereum additionally remains trapped inside a broader descending channel formation visible on the weekly timeframe. Price recently attempted to break above the channels upper boundary before facing another rejection near the $2,300 region. That rejection reinforced the current lower-high structure that has defined Ethereums broader downtrend over recent months. Momentum indicators also continue favoring the bears. The MACD indicator remains in negative territory despite showing slight stabilization over recent sessions. The MACD line continues trading below the signal line, suggesting bearish momentum has not yet fully reversed. Meanwhile, the Relative Strength Index remains below the neutral 50 level on the weekly timeframe. The RSI currently sits near the upper 30s, indicating weak momentum conditions without yet entering deeply oversold territory. That distinction remains important because markets often experience stronger relief rallies only after RSI conditions become significantly oversold and seller exhaustion begins appearing more clearly. Ethereums current RSI structure instead suggests the market may still remain vulnerable