Ethereum price has approached a significant tension level in recent days. ETH, the second largest cryptocurrency by market value as of May 1, is traded around $2,259. CryptoAppsy According to data, Ethereum remained at this level and decreased slightly during the day. After the fluctuation in the last week, the price remained horizontal for a while and investors’ attention was turned to resistance levels that were likely to be broken.
Bullish Signals in the Market
One of the highlights of the technical analysis was the bullish divergence that emerged on the price chart. It is underlined that the price continues to test low levels in the Relative Strength Index (RSI) indicator, especially in the short term, but the indicator makes higher lows. This is generally considered a harbinger of a turnaround.
The charts shared by Trader Symba indicate that Ethereum should regain the $ 2,275 band. According to analysts, exceeding this level in volume may pave the way for a new rise in the short term. If this cannot be achieved, it is possible that ETH will retreat to the $2,200–2,150 range.
In Trader Symba’s evaluations, it was emphasized that “A sustained move above $ 2,275 for Ethereum could trigger the price to advance first to $ 2,340 and then to the main supply zone of $ 2,400; however, attempts below this zone increase the selling pressure.”
If there is a strong breakout from this point, the first resistance is $ 2,340, followed by $ 2,400. But if the pressure continues, buyers are expected to step in at $2,150 and below.
Structure Stuck in the Medium and Long Term
In the broader time frame, Ethereum price was rejected several times as it approached the $2,300–2,350 zone. Analyst Michaël van de Poppe shared that the selling pressure coming from this resistance on the chart is decisive on the price, yet the rising bottoms are maintained. Such a test can often cause the resistance level to weaken over time and pave the way for a possible breakout.
If the current consolidation is overcome, the next important resistance zone is shown as the $2,900–$3,000 range. However, for this to happen, stability at $2,350 must first be achieved.
Basic Formation and Uptake Signs
Following the recent sharp sell-off, the Ethereum price seems to have stopped making aggressive new lows and is stuck in a clear band. CJ, one of the analysts, stated that accumulation has started in the base area, but the definitive signal for buying depends on the maintenance of the recent low levels.
The $2,100-2,150 region stands out as critical support. If this range is lost, the target of $ 1,750–1,800 may come to the fore. Interestingly, as long as Ethereum holds above $2,100, it seems like it is experiencing more of an accumulation period.
Quiet Recovery in Derivative Markets
Data from spot and derivatives markets show that new positions are slowly accumulating in Ethereum. The sudden jump in spot volumes at the base level, especially after the big sale, suggests that buyer interest came into play in the downward movement.
According to the position analysis shared by Trader Symba, “The increase in the number of open positions and the horizontal course of the price indicate more accumulation in the market and unabated buying appetite.”
This dynamic shows that investors tend to recover their Ethereum rather than sell it during the decline. While the price movement has been horizontal for a while, there has been no new sales wave despite the increase in leveraged transactions.
Seasonality and Volatility Expectations
Experts point out that May months have historically tended to bring sharp two-way movements in the Ethereum price. Following the recent horizontal squeeze, it is claimed that a course close to the resistance zone may increase volatility.
It is stated that the price may consolidate for a while in critical breakout areas for Ethereum, new peaks may be tested with an upward volume movement, or downside risks may arise again in case of a possible failure.
