This rebound above the $2,000 level is expected, as this is a key psychological threshold. These volumes could ignite a short-lived bounce to the $2,150 resistance, but, thus far, the odds continue to favor bears.

After a closer look at Ethereum’s daily chart, we expect that ETH will continue to move lower, toward the $1,800 over the next few days, especially if oil prices keep rising.

The Relative Strength Index (RSI) broke below the 14-day moving average, indicating that bearish momentum is accelerating.

Moreover, the oscillator briefly dipped below 40. If it does that once again, that would be further evidence that sellers are in full control of the price action.

The only scenario in which this bullish outlook would be invalidated would require a move above $2,150. That could result in a major short squeeze that could prompt an uptick similar to the one we saw on March 16.

We don’t expect a breakout below $1,800 for the time being. However, if it happens, the next stop for ETH would be the April 2025 lows of $1,450 per token.