Ethereum's Double Rejection at $2K Signals Bearish Trend

Ethereum's recent attempts to extend its recovery have been met with repeated rejections from the $2,000 mark, raising concerns about a broader pullback if key support levels fail to hold. On the daily chart, the cryptocurrency has been struggling to reclaim the 100-day moving average, which now serves as dynamic resistance around $1.95K.

The emergence of bearish daily candles and the repeated rejection from this zone have weakened short-term momentum, shifting the outlook toward a bearish bias. The descending channel remains in place, with the upper boundary represented by the white trendline serving as critical support.

If sellers manage to push the price back inside this channel, it would confirm a bearish continuation and likely trigger a deeper decline toward the $1.56K to $1.64K demand zone. On the upside, bulls must first reclaim the $1.88K to $1.91K resistance area before attempting another move toward the 100-day MA.