$ETH The daily chart of ETH/USDT on Binance presents a cautiously optimistic outlook. As of now, Ethereum is trading at $1,809.70, reflecting a +1.41% gain over the past 24 hours. The chart highlights a significant recovery phase after a prolonged downtrend that began earlier in the year.

Initially, from February through mid-April, Ethereum displayed a consistent pattern of lower highs and lower lows, indicative of bearish sentiment dominating the market. Sharp drops can be seen, particularly during February and early March, where price action sharply declined before forming brief periods of consolidation and minor bullish retracements.

However, a noticeable shift has occurred recently. Around mid-April, ETH formed a strong bullish engulfing pattern, breaking a short-term resistance and propelling the price upward. This breakout is supported by a notable increase in daily trading volume, hinting at strong buyer interest returning to the market. Currently, ETH seems to be consolidating just below the psychological resistance at $1,850, after bouncing off the lows around $1,750.