Ethereum price is up 33% from the support at $1,730. This buyer congestion zone was crucial in waning off the selloff in July. Moreover, bulls were energized for the uptrend that recently touched $2,400.<\/p>\n

Despite the impressive recovery, Ethereum did not make it above $2,400. A mid-week correction saw Ether retest $2,200 support, and by extension, the ascending parallel channel\u2019s lower boundary.<\/p>\n

At the time of writing, Ethereum is trading marginally under $2,300. The trend is generally upward, but buyers seem to be facing a challenging task gaining ground to $2,400. The Moving Average Convergence Divergence (MACD) indicator has a bearish impulse, suggesting that the struggle will last longer. A break under the channel\u2019s lower edge may also trigger declines toward $2,000.<\/p>\n