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Ethereum is trading at 2,445 at the time of writing far above yesterday's low of 2,160. ETH/USD increased as much as 14.37% from 2,160 to 2,470.35 today's high. Still, technically, this could be only a temporary rebound as the pressure remains high.
BTC/USD's rebound helped the price of Ethereum to start increasing as well. Only a major bullish pattern could really announce that the ETH/USD could develop a larger swing higher. The current bounce back to be only a temporary one. The sellers could catch a new bearish momentum when this throwback is over.
As you can see on the H4 chart, the ETH/USD found support right on the down channel's downside line and now it tries to come back higher. Unfortunately, as long as it stays under 2,655, the bias remains bearish. This level represents a static resistance.
A strong sideways movement or a bullish pattern could signal strong rebound towards the channel's upside line. In the short term, after failing to reach the weekly S1 (2,107.87), ETH/USD could approach and reach the weekly pivot point (2,732.88).
Ethereum could rebound after reaching the channel's support. 2,655.05 is seen as immediate resistance. Personally, I want to see a strong accumulation or new false breakdowns below the immediate support levels before developing a strong leg higher.
A temporary rebound could help the sellers to cath new bearish movements from around 2,655 and if it the rate makes false breakouts above the weekly pivot point (2,732).
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