Ethereum remains near its highest since the February collapse, trading around $2,460 as the broader crypto market continues to recover. $ETH is now approaching one of the technically most important zones of the entire adjustment.
How the price moves over the next few sessions will go a long way in determining whether this rally has a genuine bottom or represents another failure in the trend reversal.
Ethereum Price Analysis: Daily Chart
$ETH On the daily chart, it has broken slightly above the upper end of the long-term descending channel and is currently testing the $24,000 supply zone near the 100-day moving average and horizontally. This is a very important level that has held firm over the past few months. The RSI has also risen to the low 50s and is trending upward. This shows that the momentum supports the breakout attempt and is not sending too many signals yet.
The important test now is $ETH This can be translated into a valid breakout above the $2.4,000 level and the 100-day moving average. The $2.8,000 zone above represents the next major supply corridor, with the descending 200-day moving average (approximately $2.9,000) at its upper end.
A daily candlestick close above $2,400 would be the most bullish development in recent months and could pave the way for $2,800. On the other hand, if the market is unable to continue rising, a decline within the descending channel is likely, resulting in a further decline towards the key support area at $1.8,000.
$ETH/USDT 4 hour chart
On the 4 hour chart, $ETH The price has been hovering just below the $2.3 million to $2.4 million resistance band for the past few sessions. Meanwhile, the uptrend line from the February lows continues to provide a lower limit to the upside, currently sitting near the $2,000 mark. The recent rally briefly breached the $2.4,000 level before a gradual pullback, with the price now consolidating above $2.4,000, just inside the resistance zone.
The RSI for this time frame is also hovering in the mid-60s, rising but not overbought, although it has retreated from overbought levels in recent days. The sharp low pattern on the 4-hour chart since early April has also been constructive, in contrast to the repeated failed recoveries seen in March. Therefore, all eyes are currently on the $2.4,000 resistance zone, where a breakout would signal that Ethereum is seriously recovering.
sentiment analysis
The 30-day moving average of the buy/sell ratio for Ethereum takers has skyrocketed to around 1.02, which is the highest in the entire dataset dating back to mid-2023. This indicator has been below 1 for most of the past three years, and current readings indicate that active market buyers significantly outnumber sellers in the futures market. The timing of this rapid increase is $ETH‘s push into the $2.3 million-$2.4 million resistance zone suggests that the recent price movement is driven by pure futures market demand rather than passive appreciation.
Historically, an increase in the taker-buy ratio has been accompanied by an early stage of meaningful price increases, as seen at the beginning of past price increases. The current reading is particularly noteworthy as it finally signals a clear change in futures market behavior.
That said, an increase in this ratio could also precede short-term depletion if prices fail to break above key resistance levels, making the $2.4,000 level an immediate litmus test for whether the current surge in demand turns into a sustained trend change, or simply whether aggressive buying soon turns into a long-term liquidation cascade.
