ETH has risen about 20% from the $1,700 level, but it seems that today's Ethereum trend is still unclear whether it can continue upward. The current price is at $2.31K, but it remains below the horizontal resistance levels at $2,300-$2,400, which have been significant resistance zones since the end of last year.

From the daily chart, ETH remains in a downward channel, and today's fluctuations appear to be more of a supply test rather than a true reversal. The RSI has exited the oversold zone, but if the price fails at $2,150 and drops below $2,000, it would indicate that this recovery is losing momentum. The 100- and 200-day moving averages are still above, suggesting that the primary trend remains downward.

What’s interesting is on-chain data—the amount of ETH on exchanges has been decreasing for several months, even as the price weakens. This indicates increased accumulation, which could be a positive sign for the long term. However, for now, we need to see if the price can break through these resistance levels.