Here is a technical analysis of ETH/USDT on a daily timeframe.
ETH is currently trading near $2,918, positioned in the lower half of a broad descending range that has been intact since the failure near the upper trendline in August–September.
Price action clearly shows a series of lower highs, confirming a medium-term downtrend, while the broader structure still holds a long-term rising lower trendline acting as major support.
ETH recently respected this ascending support, which has been touched multiple times over the past few months, indicating that buyers are still defending the long-term structure.
Here is a chart with a broader view.
ETH recently printed a reaction low at the rising trendline, showing short-term seller exhaustion. This bounce, however, remains corrective unless ETH breaks its nearest resistance zone.
Only a breakout above the major descending trendline (around ~$3,800–$4,000) would confirm a structural trend reversal.
If sellers regain dominance with a high-volume breakdown, ETH may re-test the lower channel boundary and form a new swing low, extending the existing downtrend.
At the time of writing, ETH was trading at $2,918.
Summary: ETH is trading near a critical long-term support but remains firmly within a multi-month descending structure. Bulls need to reclaim $3,150 to shift momentum; otherwise, the current bounce risks fading. Losing $2,600 would likely extend the downtrend toward the $2,300 region.
Key Levels:
| Support 2 | Support 1 | Asset | Resistance 1 | Resistance 2 |
| $2,600 | $2,800 | ETH | $3,600 | $3,900 |
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