Ethereum's recent price movement has been characterized by a lack of significant upward momentum, with the cryptocurrency struggling to break through the $2,300 resistance level.
The latest candlestick data shows that Ethereum opened at $2,285.1, reached a high of $2,289.3, but ultimately closed below its opening price, indicating a 3.19% daily decline.
Technical indicators suggest that the market's recovery phase is encountering renewed selling pressure near upper range levels, with the failure to break through the $2,300 resistance level causing a selloff.
The lower volatility band at $1,941.7 is seen as a deeper potential floor if selling accelerates, while immediate support lies between $2,110 and $2,120.