#When we look at the Ethereum daily chart, we see that
$ETH has broken the main rise channel since the peak of $4,700 and has been progressing within a narrower descending channel in recent weeks. The fact that lower peaks occur with each channel test also indicates that the trend is still downward in the short term. Currently, the price is trying to hold on both at the lower band of the descending channel and at the $2,680 support level, which is the Fib 0.618 level of the broader movement. The $2,680–$2,800 range is a strong support zone, and as long as the price stays above this, we can sa