Ethereum was trading near $2,715 on Thursday after touching $2,807, pulling back toward a reclaimed diagonal support that sits around $2,660–$2,680. That diagonal is being treated as a moving floor rather than a fixed support level.
The daily setup follows a broader recovery case established when ETH broke its year-long weekly trendline. Now the question is whether buyers can defend the level they just reclaimed. A wick below the diagonal on the current open candle would not settle the question, but a daily close below it would carry more weight by showing sellers regained control.
Three outcomes are key: holding above $2,660–$2,680 keeps the retest alive; a close above $2,800–$2,807 creates a fresh local high; losing the diagonal puts $2,566 in play. Fibonacci levels measured from the $1,800 low to the $2,807 high place the 23.6% retracement near $2,560 as the first static support. A closing loss there shifts focus to $2,420, where the 38.2% retracement meets earlier consolidation.
Momentum has cooled without turning weak, with daily RSI near 60. Traders are also watching U.S.-Iranian negotiations over a possible phased reopening of the Strait of Hormuz, though no deal is confirmed. A credible de-escalation could improve risk appetite, while a breakdown could reverse that relief, but the chart remains the cleaner test of demand.
