Ethereum Reverses 10% Intraday Loss, Battles $2,260 Resistance

Ethereum's price is currently trading near $2,244, following a volatile intraday reversal from levels below $2,150. This rebound comes after an early-week rejection near $2,620, marking a critical juncture as Ethereum attempts to maintain its position above the weekly 0.236 Fibonacci level at $2,026. The price action is currently constrained between bearish control zones and a key demand cluster, with bulls aiming to regain lost structure as June 24 approaches.

On the weekly chart, Ethereum's price remains capped below the 0.5 and 0.618 Fibonacci levels at $2,744 and $3,066, respectively. The current candle is attempting to stabilize above the 0.236 retracement at $2,026. Despite forming a higher low, Ethereum failed to close above the 0.382 level at $2,424, indicating continued selling pressure at mid-retracement zones.

On the daily timeframe, the price has broken below a previously respected ascending structure and is now retesting the lower bounds of a broad descending parallel channel. Immediate support is at $2,205, while key overhead resistance is aligned near $2,380, which includes the Bull Market Support Band and Supertrend flip level.

One of the primary reasons for the recent downside movement is the rejection from a stacked confluence zone that includes the EMA100 at $2,435, EMA200 at $2,482, and the Bollinger Band mid-line at $2,360. Ethereum's price action failed to sustain above these dynamic resistance levels, triggering liquidation-based selling toward $2,120.

On the 4-hour chart, the Supertrend indicator remains bearish below $2,382, and the DMI shows -DI dominance at 52.87 while ADX climbs above 39, suggesting a strong active trend in favor of sellers. The BBP has also stayed negative since June 17, confirming broad intraday weakness.

The 30-minute chart shows a slight divergence as RSI bottoms near 35 before recovering to 55.55. The MACD crossover is bullish but remains shallow, and the price continues to reject near the VWAP and Parabolic SAR levels clustered between $2,234 and $2,244, indicating a lack of momentum despite the recovery bounce.

Short-term recovery attempts are facing resistance at the lower boundary of the previous rising wedge pattern. The Ethereum price spikes observed during late May have completely retraced, with the breakdown zone at $2,448 now acting as firm resistance. Unless Ethereum closes above this zone with volume confirmation, upside potential remains limited.

Bollinger Bands on the 4H timeframe are still wide but beginning to compress slightly, which often precedes a volatility breakout. However, candles are printing smaller real bodies, reflecting indecision among market participants.

If bulls can push past the $2,260–$2,280 short-term supply zone, Ethereum could retest $2,333 and potentially aim for the confluence near $2,380–$2,448. However, this will require volume support and a decisive break above the VWAP/SAR barrier.

On the downside, a drop below $2,200 would invalidate current short-term recovery setups and expose Ethereum to a retest of $2,026, the 0.236 Fib support and a key liquidity pocket. Below that, the next breakdown trigger lies at $1,958, followed by deeper structure support near $1,880 and $1,490.

Given the conflicting signals across timeframes, Ethereum price volatility is likely to remain elevated, especially as the market approaches the final week of June. With price now at a pivot, Ethereum must reclaim the $2,380 zone to validate a bullish reversal. Otherwise, bearish momentum remains dominant, with downside risk building toward $2,026 if short-term recovery falters.