Ethereum continues trading in a clear downtrend, with its price near $1,800 as it tests a key demand zone. The market is reacting to macro risks and geopolitical uncertainty from the Middle East conflict. Technical analysis shows ETH remains within a descending channel, capped by major moving averages. A bullish reversal would require reclaiming the $2,400 and $2,800 resistance levels. On-chain data reveals a supportive long-term signal, as the total value of ETH staked continues to rise aggressively despite the falling price.
Ethereum is still trading in a clear downtrend, and the market is reacting fast to both macro risk and geopolitics. With the war in the Middle East adding extra uncertainty, Ethereum is sitting near the $1,800 area on the chart, right on a key demand zone where buyers have tried to defend multiple times.
The daily structure remains bearish inside a descending channel, and the price is still capped by the downtrend lines and the 100-day and 200-day moving averages overhead. Until ETH reclaims the major $2,400 and $2,800 resistance levels, rallies look more like relief bounces than a true reversal.
Meanwhile, the nearby support area is located at the $1,850–$1,700 demand zone. If this level breaks down, the next downside levels to watch are around $1,600 and the $1,400 mark, just above the lower trendline of the descending channel.
On the 4-hour timeframe, ETH is behaving more like a range within the larger downtrend. The price is rotating between the support level near $1,800 and the resistance level near recent highs around $2,150.
A bullish shift would require holding the $1,850 level and then reclaiming the $2,150 highs with follow-through. This could open a move back toward the $2,400 supply zone, but if the $1,850 support fails, the road toward the $1,600 mark will be cleared.
The Ethereum Total Value Staked chart demonstrates an aggressive uptrend while the price trends down. It implies more ETH is being locked into staking rather than staying liquid, reducing the readily available supply over time.
This behavior could be due to the long-term conviction of investors, as they are buying ETH at discounted prices and locking in for the long term. However, this does not mean the bottom is guaranteed to be nearby, because the price can still drop if forced selling and deleveraging continue.
