Ethereum's price has bounced from a key support zone, but its long-term prospects remain uncertain. The cryptocurrency is currently trading near $2,138 after reacting from the lower trendline of an ascending channel.
The structure of Ethereum's price action resembles a rising channel or possible bull flag, following its sharp February drop and later recovery. If buyers continue defending this zone, the next major level is $2,561, which marks the 0.618 Fibonacci level.
However, Ethereum still needs follow-through to confirm stronger momentum. A daily close below the lower channel and the $2,088 Fib level would weaken the setup and bring lower support back into focus.