Ethereum price continues to fluctuate narrowly around $1,950 today, with a slight 0.3% decline over the past 24 hours, still below the psychological level of $2,000. Technical analyst Ted Pillows pointed out that the ETH daily chart is forming a bearish pennant pattern, reflecting ongoing downward pressure. Key support and resistance levels:

Upward key: If the daily close confirms a breakout above $2,100 resistance, it could reverse the momentum and open the way toward $2,400.
Downward risk: If the daily close falls below the critical support of $1,850, it would confirm a breakdown of the structure, potentially triggering a move toward lower cycle lows.
Oversold signal: Crypto-Mr data indicates that ETH has entered an extremely oversold state on higher timeframes, which historically often signals the formation of a short-term bottom and a rebound.
Despite the technically bearish outlook, indicators show selling pressure may be nearing exhaustion. If buyers step in at current levels, ETH could attempt a rebound toward the $2,050-$2,100 resistance zone. $ETH