Ethereum is trading around $2.45K after a sharp sweep below the $2.4K support region. The Coinbase Premium Index has dropped to its deepest negative reading in months, suggesting US-based demand remains weak despite the bounce.
Ethereum is attempting to recover after a sharp sweep below the $2.4K support region, now trading around $2.45K. Buyers still need to show they can hold this area before the broader recovery is back on track.
ETH holds the $2.4K demand zone
On the daily chart, ETH continues to trade within the ascending channel that has guided its recovery from the June lows near $1.5K. Sellers defended the $2.8K supply zone in late September, and the decline that followed pushed the price below the channel's midpoint.
Yesterday, the price briefly wicked below the $2.4K zone toward approximately $2.3K before buyers stepped in. The zone overlaps with the channel's rising lower boundary, which makes the area especially significant.
If buyers keep defending this support, ETH could attempt another move toward the channel midpoint near $2.8K. However, a decisive daily close below $2.3K would break down both the demand zone and the channel. In that scenario, the next major support is the $1.9K order block, which marks the base of the strong August rally.
Short-term levels on the 4-hour chart
On the 4-hour chart, the latest sell-off pushed ETH below the wedge's lower trendline and through the $2.4K demand zone, briefly reaching the $2.3K area. The price then recovered above both, which suggests the move may have been a liquidity sweep rather than a confirmed breakdown.
Holding above $2.4K could open the way toward the $2.6K rebound high. On the downside, a 4-hour close beneath $2.3K would invalidate the recent recovery.
US buyers are not leading the market
The Coinbase Premium Index on CryptoQuant compares the ETH price on Coinbase Pro with Binance. It recently fell to approximately -0.1, the lowest level since the summer, after briefly turning slightly positive in late August and early September.
This does not necessarily mean the bounce will fail, because price can recover through offshore demand or derivatives activity. Still, a sustained negative premium indicates that US spot buyers are not currently leading the market. If the premium stays weak while ETH struggles to reclaim $2.6K, the $2.4K zone could come under pressure again.
Source: CryptoPotato
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