Ethereum (ETH) is currently hovering near the top of its descending channel, with price action testing resistance levels. TradingView data shows ETH/USD trading within this established pattern on the 1-day timeframe. Following a peak above $4,950 in September, sellers pressured ETH to reach lower highs through October and November, resulting in repeated downside extensions. The floor of support currently sits around $2,600-$2,700. 2023’s Ethereum price predictions are divided over whether the channel will be broken or continued downward movement. Ethereum Price Prediction models analyze whether this pattern changes, with a breakout requiring a daily close above the channel top. Until confirmed, ETH value remains compressed.