Ethereum is currently testing a crucial support level near $2,600, as it struggles to maintain momentum below the $3,500 resistance. The cryptocurrency has formed a symmetrical triangle pattern, indicating a potential breakout or breakdown near the $3,000 zone. A failure to hold the $2,600 support could lead to further declines, while a successful breakout above $3,500 could pave the way for a rally towards $4,000. Despite global market pressures, Ethereum has shown resilience, maintaining key levels and keeping traders on edge. The daily chart shows Ethereum recently breaking above a descending channel, but momentum has waned as it approaches the $3,500 resistance, which aligns with the 100-day and 200-day moving averages. A rejection at this level could trigger another test of the $2,600 support. Market sentiment remains cautiously optimistic, with controlled leverage levels and open interest in Ethereum derivatives near $18 billion. However, Bitcoin's rising dominance and ETF narratives continue to draw attention away from altcoins. Ethereum needs strong volume and conviction to regain leadership and avoid deeper downside risks.