Ethereum is trading below $2.2,000 at the start of the new week and is above the important $1.8,000 support zone, but is struggling to make a decisive move. The recovery from February lows has been frustratingly shallow, with macro uncertainty still clouding the broader risk environment. $ETH They remain in positions where they have to prove themselves, not just maintain their positions.
Ethereum Price Analysis: Daily Chart
The descending channel on the daily chart remains intact, with both the 100-day moving average (around $24,000) and 200-day moving average (around $2,900) decreasing overhead and forming strong resistance ceilings. Prices have been hovering below the $2.4 million supply zone in recent weeks, and each time they push into that area, they come under fresh selling pressure.
However, what has been quietly improving is the RSI. The Momentum Oscillator has been rising since the February capitulation and is currently hovering in the mid to high 50s. This type of momentum divergence, where the RSI rises steadily while the price struggles to break above, often precedes a stronger breakout attempt.
Currently, retaining the $1.8K support band is non-negotiable for buyers. You are exposed when an asset breaks below. $ETH It increases to $1.6,000, $1.5,000 pretty quickly. The $2.4,000 level mentioned above is the most important level as it is the upper trendline of the descending channel, the $2.4,000 supply zone, and the convergence of the 100-day moving average.
$ETH/USDT 4 hour chart
On the 4-hour time frame, $ETH remains on a moderately rising trend line from February’s lows. The trendline currently provides support near $2,000, and the price is now just under $2.2,000 after being rejected from the top of the recent range. However, after last week’s solid recovery, the $2.4,000 resistance zone is still within range.
The 4-hour RSI has fallen rapidly from the low 70s seen during the early April rally and is currently hovering around 50, indicating neutral momentum. But there is room for development in both directions.
A clean break above $240,000 in this time frame, ideally with an RSI above 60, would be the most constructive short-term development. $ETH I saw it in a few months. However, if we do not do so, the range-bound structure will remain intact and the next test will be to refocus the uptrend line around $2,000.
sentiment analysis
Ethereum’s exchange supply ratio continues to decline inexorably and currently stands at 0.126, the lowest level in years, reflecting the continued trend of holders exiting. $ETH From exchange to self-storage. The decline from the mid-2025 peak around 0.18 has been steep and consistent, reflecting price corrections occurring in near unison.
What is particularly noteworthy about the current statistics is the widening gap between availability and price. $ETH is trading around $2.1 million to $2.2 million, but the supply of exchange holdings is at a level not seen in the entire dataset. In other words, it is structurally less. $ETH Can be sold on exchanges. Previous cycles have seen sustained declines in the exchange-supply ratio before demand recovers and prices recover.
So, as the supply-side foundations are quietly building, the missing ingredients remain the clear catalyst to bring buyers back to sufficient scale and translate that tightness into price appreciation.
