Ethereum price holds $1,800 support as descending channel and low exchange supply ratio shape outlook

Ethereum is trading in a pronounced downward channel after a capitulation move from the mid-$2,000 area into the $1,800 demand zone, with momentum indicators still in bearish territory despite a modest rebound. On higher timeframes, key resistance sits around $2,300–$2,700, while shorter-term charts highlight a consolidation band between $1,800 and $2,100 and potential downside toward $1,600 if support fails. On-chain data show the exchange supply ratio near 0.135, indicating relatively little ETH on centralized venues and hinting at thinner spot liquidity even as prices have corrected.