ETH Price Holds Ground, But Bearish Momentum Remains Strong

Ethereum's price is currently holding at $2,404, with a 24-hour trading volume of $13.23 billion.

The largest altcoin has strengthened its market structure after buyers successfully defended the long-term ascending trendline, triggering a sharp recovery and allowing ETH to break through initial resistance and turn it into near-term support.

However, the selling pressure is accelerating to the downside, with the MACD line below the signal line and both lines below the zero line indicating strong bearish momentum across short- and long-term timeframes.

A daily close below $2,050 would invalidate the Wave 4 structure, while holding reclaimed support could strengthen the bullish case and push Ethereum toward the $2,784-$2,966 target zone before another deeper retracement becomes possible.