Ethereum remains in its overall downtrend 📉; however, the recent sharp upward move shows early bullish signals 🟢.
The highlighted supply zone in red ($1994–$2012) could serve as a strong resistance area, potentially triggering a pullback.
Additionally, the daily flip level (marked in green) may also act as a barrier, pushing price lower.
Despite the bearish setup around these zones, we do not anticipate a deeper correction for ETH.
Any pullback is expected to be limited to the $1760 level, after which a bullish continuation and a potential breakout of the descending trendline are anticipated.