$ETH Ethereum price is trading at $2,300 on Wednesday, after closing above the upper boundary of the channel on near $2,148 on Sunday. ETH has reclaimed the 23.6% Fibonacci retracement at $2,138, measured from the $1,747 low to the $3,402 high. Price now holds above the declining 50-day EMA near $2,223, while the 100-day EMA at $2,510 still looms well overhead, keeping the larger trend under pressure.
Momentum has improved, with the RSI on the daily chart holding in the mid-60s and the MACD line staying above its signal and in positive territory, reinforcing a near-term bullish bias against a still corrective broader structure.
The 38.2% retracement around $2,380, which turned into immediate resistance after the latest pullback, followed by the 50% level at $2,575, where the 100-day average converges, forming a stronger supply area.
On the downside, minor support aligns near the 50-day EMA at $2,220, ahead of the channel floor and the recent swing low around $2,050, while a deeper setback would expose the $2,138 retracement as a pivotal level to preserve the nascent bullish tone.
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