Here is a technical analysis of ETH/USDT on the daily timeframe:
Market Overview
Ethereum (ETH/USDT) is currently trading around $1,778 on the daily timeframe, showing signs of recovery after the steep decline witnessed earlier this month. The recent bounce from the $1,550 region has improved short-term sentiment, but ETH continues to trade below major resistance levels, keeping the broader outlook cautious. The market is now entering a consolidation phase, where buyers are attempting to regain momentum while facing overhead supply.
Recent Price Action
After establishing a bottom near $1,550, Ethereum has formed a gradual upward move, supported by a short-term rising trendline. The recovery has been steady rather than explosive, indicating controlled buying interest rather than aggressive accumulation. Price has also reclaimed the $1,700 region, providing an initial sign of stabilization following the sharp sell-off.
Current Structure and Trend
The short-term structure has improved with the formation of higher lows, but the overall daily trend remains neutral to bearish until stronger resistance levels are reclaimed. A sustained move above $1,850 could strengthen bullish momentum, while a rejection from current levels may lead to another retest of the recent support zone.
Also Read: Monolithic vs. Modular Blockchains – Understanding the Two Approaches
Volume and Momentum
Selling pressure has eased considerably compared to the earlier decline, while buying activity has gradually improved. However, momentum remains moderate and still requires stronger participation to confirm a lasting reversal. As long as ETH holds above its recent rising trendline, the possibility of further recovery remains intact.
At the time of writing, ETH was trading at approximately $1,778.
Summary
Ethereum has recovered from its recent lows and is showing early signs of stabilization, supported by a developing short-term uptrend. While the immediate downside pressure has reduced, the market still faces significant overhead resistance. The coming sessions will be crucial in determining whether the current rebound evolves into a broader recovery or remains a temporary rally.
Support and Resistance Levels
| Support 2 | Support 1 | Asset | Resistance 1 | Resistance 2 |
| $1,550 | $1,700 | ETH | $1,850 | $2,000 |
In the grand scheme of things, ZebPay blogs are here to provide you with crypto wisdom. Get started today and join 6 million+ registered users to explore endless features on ZebPay!
