ETH Tests $2.1K — Relief Bounce or Bull Trap in Play?

Ethereum is attempting to recover the $2,100 mark following news that Iran’s president may consider ending the conflict if certain conditions are met. This development eased market pressure—oil prices fell by about 5%, while cryptocurrencies and stocks saw gains.
This rebound also helped shift attention away from recent concerns about Google’s quantum computing research, which suggested that future quantum machines might compromise crypto wallet security. Currently, around 20.5 million ETH in major wallets could be at risk. Both Google and the Ethereum Foundation are aiming to implement quantum-resistant security measures around 2029.
On the institutional front, demand remains weak. US spot ETH ETFs recorded only $4.9 million in inflows on Monday, following eight consecutive days of outflows totaling roughly $440 million.
Technically, ETH continues to trade within a descending channel characterized by lower highs and lower lows, maintaining a short-term bearish trend. The recent move appears to be a bounce off support rather than a confirmed trend reversal.
Key levels:
Resistance: 2,116–2,200 (trendline and supply area)
Support: 2,060–2,065 and then 2,000
Momentum is showing slight improvement with early signs of bullishness, but the strength remains limited.
In summary, this seems to be a relief bounce within a downtrend. If ETH cannot break above and stay beyond 2,120–2,150, sellers are likely to retain control. A 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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