$ETH shows a clear downward trend after a period of consolidation around the $2,391 level. The price attempted to recover briefly within a channel, peaking at $2,329.73, but faced strong resistance near $2,818.86. The failure to break above this resistance initiated a bearish move, as ETH began to decline sharply towards the next support level.

Currently, the price is approaching a strong support zone around $2,127.56, which has historically acted as a key level during previous pullbacks. If ETH continues this downtrend, breaking below this support could signal further bearish movement, making it crucial to monitor how the price reacts near this level.

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