$ETH has broken the upward channel and is currently trading within a short-term bearish structure.

The bounce from the low demand area indicates that buyers are defending the 2,750–2,850 zone.

The current price action seems to be a correction, with resistance near the support of the broken channel.

If the price recovers back to the previous channel, bullish momentum will be restored; conversely, if it fails, the bearish risk will continue to exist.