Ethereum (ETH) is currently trading at approximately $2,056, finding itself stuck in a tight trading range. The digital asset has faced persistent rejections at the significant resistance level of $2,150, a cap that has curtailed rallies on seven separate occasions over the past two months.
In the last 24 hours, ETH experienced a notable price dip, sliding from around $2,132 to near $2,040. Over the past week, this leading altcoin has decreased by nearly 5%. The volatility in cryptocurrency markets has been notably influenced by political factors, with US President Donald Trump’s comments regarding military actions in Iran stirring significant market reactions. During a recent statement, Trump noted that the US military was “very close” to completing “Operation Epic Fury,” hinting at possible strikes on Iranian power plants. Following these remarks, oil prices surged, while cryptocurrencies, including ETH, suffered sharp sell-offs.
Crypto analyst Darkfost highlighted a staggering spike in sell volume on futures contracts, with over $1 billion in Ethereum futures liquidation hitting Binance within just one hour post-Trump’s comments. This influx of selling pressure further pushed ETH further under the crucial $2,150 threshold.
Liquidation data provided by CoinGlass reveals approximately $2.4 billion of long liquidations clustered around the $1,845 mark, juxtaposed with $1.7 billion in short liquidations at $2,255. This stark imbalance suggests a greater likelihood of further downside risks for ETH than potential upward movements.
Key Support Levels to Watch
As ETH hovers precariously on the ascending trendline, traders are keenly watching the $1,900 support level, which corresponds with repeated lows established in early March. If Ethereum fails to maintain this support, the next critical point of interest will be the yearly low of $1,736. Analysts also highlight $1,537 as a major support level, and a broader market reversal could reach for the significant low of $1,384, with possibilities extending down to the $1,190–$1,148 zone, which may serve as a potential cycle bottom.
Currently, Ethereum is also trading near its 200-day exponential moving average at around $2,104. Analyst CyrilXBT observed that while ETH briefly spiked to $2,400 in mid-March, it has since failed to establish sustained upward momentum, instead showing signs of compressing near the 200 EMA.
Network Activity Tells a Different Story
Despite the price challenges, Ethereum’s on-chain fundamentals display encouraging signs. Current data indicates nearly 788,000 active daily addresses are engaging with the network, a figure that is nearing all-time highs. This high level of network activity is a testament to ETH’s strong underlying fundamentals.
The 14-day RSI currently measures at 34, placing it just above oversold territory but still below the middle range, while the MACD suggests short-term momentum remains bearish at -15. A daily close above the $2,150 mark would signal a needed show of buyer strength. Should ETH manage to clear $2,400, traders would eye the next resistance zone around $2,800, an area where minimal trading activity has occurred over the last six months.
As it stands, Ethereum is mired in a range between $2,000 and $2,150, with $2,150 serving as a significant ceiling and $1,900 acting as the close downside pivot. The next few days could prove critical in determining whether bulls can reclaim the $2,150 resistance or if ETH will plummet to new lows.
