As the second week of the second quarter begins, Ethereum is trading below $2.2 million. The asset is caught between a slowly improving short-term structure and a daily chart that remains firmly in bearish territory. $ETH It has managed to hold above the important $18,000 support zone since the February lows, but the recovery has been choppy and unconvincing.
Ethereum Price Analysis: Daily Chart
The macro situation on the daily chart has not changed much over the past few weeks. $ETH continues to trade within a well-defined descending channel, with both the 100-day moving average (~$2.4K) and 200-day moving average (~$2.9K) decreasing overhead and forming the upper bound of compression resistance. In particular, the $24,000 zone has acted as a hard cap against any recovery attempts since February.
The current price is located just above the short-term resistance-turned-support area at $2.15,000. This level has been acting as a pivot zone for the past few weeks. Still, the $1.8,000 support band remains the most important level on the chart.
The breakdown of prices below that on a daily closing price basis will be revealed. $ETH to 1.6 thousand dollars and 1.4 thousand dollars. However, the price is currently testing the upper bound of the descending channel, so a successful breakout could lead to a rally above the $240,000 level and the 100-day moving average, which buyers are expecting in the coming days.
$ETH/USDT 4 hour chart
On the 4 hour chart, $ETHSince early February, consolidation has been evident in a wide range between approximately $2,000 and $2.4,000. The uptrend line from the low is providing short-term support. Additionally, the price has recently pushed back towards the upper end of the range and is currently retesting the $215,000 area with the RSI above 50. This suggests that near-term bullish momentum is building.
The main resistance to watch in this time frame is located between $230,000 and $240,000. All meaningful rally attempts have been restricted in this zone in recent weeks. A clean breakout and a close above $240,000 would be the most constructive development. $ETH We’ll see it in a few months and could climb towards $280,000. On the downside, the uptrend line and the $1.8,000 support zone are the levels that need to hold to keep the short-term structure intact.
sentiment analysis
The 2025 bull market had several months of consistently positive funding rates, but things have become significantly more volatile since the February breakdown. The most extreme negative readings from the surrender period have faded, but recent readings have become smaller and increasingly inconsistent. There are still times when prices will temporarily return to negative territory.
This loss of confidence in funding is worth monitoring. This suggests that although the panic-induced short positions from early February have been resolved, the market has not yet shifted to its characteristic sustained bullish bias. $ETHrose towards $5,000.
While positive funding is technically still the dominant view, the reduction in size and intermittent red bars indicate that the derivatives market remains uncertain rather than committed to direction, which is consistent with the volatile, range-bound price action seen on the chart.
