Ethereum Test at $2.1K — Is It a Temporary Rebound or the Trap of the Ongoing Bull?

Ethereum is attempting to regain the $2,100 level following news that Iran's leader might consider ending the conflict if certain conditions are met. This development eased market pressure — oil prices dropped about 5%, while cryptocurrencies and stocks experienced gains.

This rebound also shifted attention away from recent concerns about Google’s quantum computing research, which suggested that future quantum machines could compromise the security of crypto wallets. Currently, approximately 20.5 million ETH in major wallets may be at risk. Both Google and the Ethereum Foundation aim to implement quantum-resistant security measures around 2029.

On the institutional front, demand remains weak. US spot ETH ETF funds saw inflows of only $4.9 million on Monday, after eight consecutive days of outflows totaling around $440 million.

Technically, ETH is still trading within a downward channel characterized by lower highs and lower lows, maintaining a short-term bearish trend. The recent movement appears to be a rebound from support rather than a confirmed trend reversal.

Key Levels:

Resistance: 2,116–2,200 (Trendline and supply zone )

Support: 2,060–2,065 then 2,000

Momentum shows slight improvement with early signs of optimism, but strength remains limited.

In summary, this seems to be a temporary rebound within a downtrend. If ETH cannot break above and stay above 2,120–2,150, sellers are likely to remain in control. Rejection at these levels could push the price back toward 2,060 or even 2,000. Conversely, a clear move above resistance could open the way to levels above 2,200.

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