Ethereum has been consolidating between $2,200 and $2,380 for several days after the strong recovery from the lows, and is now sitting at $2,329, pulling back slightly after another failed attempt at pushing through the upper end of that range.

$ETH is hovering above the $2,180-$2,200 support zone that has been holding price up on multiple visits. That's the floor that needs to stay intact for the broader recovery structure to remain valid.

Holding above $2,180-$2,200 keeps the push toward $2,370-$2,400 resistance on the table, which has been capping every rally attempt over the past few days. Losing that support zone though opens up a move back toward $2,100 and begins to erode the recovery progress made over the past week.

The structure is range bound and neither side has shown enough conviction to break cleanly in either direction. Until $2,370-$2,400 gives way with follow-through, bounces from support should be treated with caution rather than assumed as the start of a new leg higher.
$ETH