ETH/USDT chart, which shows trading within a descending channel.

ETH continues to trade within the descending channel, which indicates a bearish trend in the short term. A breakout above the upper trendline could signal a bullish reversal.

The immediate support level is around the $2,240 mark. If Ethereum sustains above this level, it could see a potential bounce, leading to a bullish move.

There is a crucial resistance zone around $4,000 to $4,400. ETH could face selling pressure when it approaches this zone.

The chart includes the 21-day simple moving average (SMA), which is acting as a dynamic resistance. A clear breakout above the SMA could be a bullish signal.

Disclaimer: This analysis is for informational purposes and is not financial advice. Always stay updated with market movements and adjust your trading strategies as needed.

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