Ethereum Price Analysis: ETH Must Reclaim This Key Level to Restart Bull Run

Ethereum is trading around  $2.3k and is still anchored below the $2.4k resistance zone that has capped this entire consolidation over the past months. The ascending channel from February’s lows remains structurally intact, and the conditions for a breakout seem favorable.

The derivatives positioning has also changed dramatically recently, as traders are now placing their biggest long bets of the recovery on ETH, and whether that conviction is rewarded or punished in the coming days will likely define the price action in the coming months.

Ethereum Price Analysis: The Daily Chart

The ascending white channel from the February low continues to govern the macro structure on the daily timeframe. The lower boundary of the channel is rising above $2k, and the upper boundary extends to $2.5k at the moment.

The price is currently sitting just above the 100-day moving average, which is flattening near $2.2k, and could be counted on as short-term support if a pullback happens. Meanwhile, the 200-day moving average is still well above the price at $2.6k and is yet to be tested. The RSI is also hovering around 50, offering no directional edge.

Nothing about the daily picture has changed structurally in the past couple of weeks. A sustained close above $2.4k remains the sole requirement to shift the bias, opening the path toward the 200-day MA and potentially the key supply band at $2.8k. The ascending channel floor near $2.1k and the $1.8k demand zone remain the downside references if the recovery structure breaks. Until one of these levels is breached, the daily chart is still waiting for a catalyst.

ETH/USDT 4-Hour Chart

Dropping down to the 4-hour chart, the price is consolidating inside a symmetrical triangle that formed following the mid-April highs and lows. The market has recently tested and bounced from the lower boundary near $2.25k, and is likely to test the $2.4k area again, with the RSI also recovering rapidly.

A clean 4-hour above the higher boundary of the triangle and the $2.4k zone would suggest a measured continuation toward the upper boundary of the large daily channel. On the other hand, a failure to sustain the short-term bounce and a breakdown of the triangle would make a drop back to the $2.2k support zone imminent, which is a key area that has been acting as a floor since mid-April.