While the Ethereum price has fallen below important support levels in recent days, on-chain data points to continued revival in the network. Currently trading around $2,081, ETH has experienced a 3.4 percent decline in the last 24 hours. The transaction volume is measured at approximately 13.6 billion dollars. This fluctuation in price caused a cautious atmosphere among market participants.
Short-Term Price Outlook and Technical Indicators
Cryptocurrency analyst Ted Pillows points out that Ethereum price has fallen below $2,100, which is a critical support. Stating that the price currently encounters resistance in the $ 2,100-2,150 band, the analyst is of the opinion that downward pressure may increase if this level is not exceeded. The $2,000 level stands out as a prominent psychological threshold; If this support is lost, there may be a possibility of a decline towards the range of 1,815, 1,700 and 1,650–1,550 dollars, respectively.
From a technical perspective, Ethereum continues to move within an ascending channel on the four-hour chart. According to the data shared by Celal Kucuker, the lower band of the channel has managed to maintain the price since the end of January and ETH continues to find support in the $ 2,140 region. Kucuker emphasized that in the short term, the $2,357 and $2,440 levels represent the upper band of the channel.
Celal Kucuker states that the price is holding above the rising trend line, and $2,357 and $2,440 should be watched above.
Strong Increase in On-Chain Activity and Supply Dynamics
Although price pressure continues, a rapid recovery is evident in on-chain metrics. According to data from Ali Charts, the number of active addresses in Ethereum increased from 381 thousand to over 841 thousand. This activity on the network indicates increased user interest and ensures that the volume remains alive despite the weakness in the price.
Similarly, according to another analysis cited by Collin, the supply of Bitcoin on exchanges decreased to 2.7 million. Although this data is directly for Bitcoin, it points to a decrease in supply and an increase in institutional demand in the general cryptocurrency market. This trend brings with it the idea that a positive environment may emerge for assets such as Ethereum in the long term.
In the medium-long-term technical structure, as Javon Marks pointed out, Ethereum appears to be forming a base and gathering strength, similar to past cycles. The projections on the chart reveal that the bottom around $1,800–$2,000 could be the basis for the price’s next upward move. Potential targets range from $5,000 to $8,500.
Among the important support levels, $2,050 stands out; Below this, the range of $2,000 and $1,850–1,900 is carefully monitored. On the resistance side, the levels of 2,100–2,150, 2,350 and 2,500 dollars stand out. It is stated that permanent closures above 2,350 may strengthen the upward movement.
In the short term, the response of Ethereum’s price movement to the resistance in the $ 2,100–2,350 band will be decisive. As long as it remains above $2,050, the current structure is maintained, otherwise downward pressure may increase. In order for the rise to be confirmed, the price must test the resistance with strong volumes.
