$ETH is trading around $1,633 after experiencing a significant decline from the $2,466 high. The daily chart reflects a strong bearish trend that accelerated during the recent market-wide correction. Despite the weakness, Ethereum has started showing early signs of stabilization near the $1,500 support zone.
The sharp selloff attracted substantial volume, indicating heavy participation from both sellers and opportunistic buyers. Historically, periods of extreme volatility often create attractive accumulation zones for long-term participants, and the recent reaction around support suggests buyers are beginning to defend key levels.
Ethereum remains below all major moving averages, confirming that the broader trend is still bearish. The MA20 near $1,868 represents an important resistance level that bulls must eventually reclaim to shift momentum back in their favor. Before that, ETH needs to break through the $1,700-$1,750 region and establish higher highs.
On the downside, the $1,500 support remains critical. Holding above this area keeps the possibility of a recovery alive. A breakdown below support could trigger another wave of downside pressure and delay any meaningful trend reversal.
The current market structure suggests Ethereum is entering a consolidation phase after an aggressive decline. If buyers continue defending support while volume gradually increases, ETH could build the foundation for a stronger recovery. The next few weeks will be crucial in determining whether this rebound develops into a sustainable bullish trend or remains a temporary relief rally.
