#Ethereum has now left the rising main channel it was moving in throughout the summer and has been progressing in a clear downtrend channel since the end of September. The price retraced to the lower band of this channel and reacted around $2,680, which corresponds to the Fib 0.618 correction of the rise wave. The recovery from here carried it to the middle line of the channel and the $3,078 zone, which corresponds to the Fib 0.5 level, but the last candles indicate that strong selling has returned here. So this movement currently appears to be a classic reaction rally within a downtrend rather than a rise that reverses the trend. Moving averages also support this. The short-term 8 and 21 EMA are just above the price and are putting pressure on every rise. Meanwhile, the longer-term 89-day average is trading below $3,500, thus below all significant averages, including $ETH . This arrangement also indicates that control is still in the hands of the dealers on the daily chart.