Ethereum's price broke through the 100-day moving average and upper trendline of a descending channel, leading to a significant rally that reached the resistance level of $2K. However, the price has since faced rejection and is now consolidating around this crucial resistance.

The momentum of the rally has weakened, and the price has formed a bearish head and shoulders reversal pattern on the 4-hour timeframe, suggesting a potential short-term bearish outlook.

The Open Interest Metric has shown a slight increase, indicating higher market volatility and the possibility of both long and short positions being liquidated. While a continued upward trend in the medium term is anticipated, it is important to monitor any developments that may impact Ethereum's price movement and market sentiment.