Ethereum Holds Ground at $2,404 as Price Action Points Towards $3,000

Ethereum's price is holding steady at $2,404, despite strong selling pressure to the downside. The altcoin has strengthened its market structure after buyers successfully defended a long-term ascending trendline, triggering a sharp recovery and allowing ETH to break through initial resistance and turn it into near-term support.

The immediate question is whether Ethereum can hold onto its newly reclaimed support as it approaches the next supply zone. A short-term pullback towards $2,300-$2,200 remains possible, with the $2,324 0.236 Fibonacci level offering an earlier potential support area.

From an Elliott Wave perspective, ETH appears to be completing daily Wave 3, leaving a potential Wave 4 correction between $2,112 and $2,222. However, if Ethereum's price can hold onto its current support, it could push towards the target zone of $2,784-$2,966 before another deeper retracement becomes possible.

Meanwhile, the MACD line is below the signal line, indicating strong bearish momentum across both short-term and long-term timeframes. The daily RSI of ETH is positioned at 43.73, indicating neutral-to-slightly bearish momentum.