Ethereum (ETH) Price Analysis: Why Reclaiming $2.5K Is Do-or-Die for the Bulls

Ethereum recently fell back below $2,400 after a rebound from $2,200 stalled near $2,500, the area where a multi-month ascending channel broke down. The daily chart shows ETH traded from June through mid-October in that channel, rising from about $1,500 toward $2,800 before October’s decline pushed it below the lower boundary and turned former support into resistance. On the downside, the 0.5 Fibonacci retracement near $2,160 contained the late-October dip; a daily close below it would expose $2,000 and then $1,900. The Coinbase Premium Index, which compares ETH’s Coinbase USD price with Binance’s USDT price, recovered from about -0.21 to -0.09 but remains negative, indicating US demand has not fully returned.