ETH must break $2.4K to reverse downtrend, says analyst

Ethereum remains in a downward channel and must decisively break the $2,400 level to signal a trend reversal, according to an analysis by CryptoPotato. On the ETH/USD daily chart, the price is trading below both the 100-day and 200-day moving averages. The $2,300 to $2,400 range is currently acting as a strong resistance zone. As long as the $1,800 support level holds firm, the price is likely to remain range-bound. A confirmed break above $2,400 would be a bullish signal, while a drop below $1,800 could lead to a further decline toward $1,600.