In the short term, ETH is likely to remain range-bound and undergo a weak recovery. The key levels in the battle between bulls and bears are clear: Support: $2,350–$2,400, a key support zone that has been tested several times recently. A decisive break below it could lead to a further decline toward the $2,200 low range. Resistance: $2,480–$2,500, an area of concentrated short-term moving-average resistance. Without an influx of additional capital, a decisive breakout is unlikely.
Over the longer term, ETH’s core fundamentals have not reversed. The long-term trend of net inflows into ETFs, the ecosystem’s advantages, and bullish institutional expectations remain intact, limiting the potential for a deep decline. Short-term weakness is mainly due to profit-taking after the recent rise and a technical pullback caused by volatility in macro liquidity, rather than a trend reversal. Going forward, key factors to watch are ETF flows, the performance of U.S. equity risk assets, and whether the crucial $2,400 support holds. Holding above support could pave the way for a new recovery, while a break below it would likely prolong the choppy search for a bottom.