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Ethereum (ETH) is at a pivotal point as it retests a major resistance area that analysts say could determine whether the “King of Altcoin” recovery gains traction. On Wednesday, ETH rose 3.6% to revisit the crucial resistance zone for the third time this month, as the market attempts to recover from recent volatility linked to the US-Iran conflict.
Since the early February market crash, ETH has been trading in a wide range of $1,800 to $2,450. Analysts say the asset has struggled to break out of that band despite multiple attempts. In the latest rebound, ETH is up 15% from April’s lows and has held the upper half of its local range for the first time in three months. The focus now is whether it can reclaim the $2,400 to $2,500 resistance area before any potential move higher.
Several market observers noted that ETH has been pushing toward a breakout over the past week. It reached a three-month high of $2,464 last Friday and tested $2,425 on Wednesday.
Analyst Crypto Rand said reclaiming this region is critical, adding that consolidation above it would “trigger a major bullish reversal” for ETH.
Daan Crypto Trades highlighted that after Wednesday’s move, ETH is near its bull market band and the weekly 200 Moving Average (MA), currently around $2,450. Daan also pointed out that the $2,450 level was lost as support in mid-January, and that a weekly close above it could set up a retest of the weekly 200 Exponential Moving Average (EMA) near $2,560.
Not all analysts are convinced the rally has strong underlying support. Ted Pillows said that while the price is rising, ETH’s spot demand is “stagnant,” suggesting the move may not be backed by consistent spot accumulation.
Pillows also referenced a prior pattern, saying Ethereum could see a liquidity grab above the $2,400 to $2,450 level similar to January 2026, when ETH retested the $3,400 area before falling sharply.
Despite concerns about another correction, Ali Martinez reported a technical shift in ETH’s trend indicators. Martinez said ETH’s SuperTrend flipped bullish for the first time in over a year, marking a Buy signal since the first half of 2025.
According to the analyst, clearing the $2,385 level could open the path toward the $2,900 area. Martinez described $2,385 as the X-axis of ETH’s three-month ascending triangle, adding that turning it into support would neutralize recent sell signals and support a continuation of the broader trend.
Martinez wrote that with overhead supply cleared, the technical objective for the formation is $2,900, and that as long as ETH holds above the breakout zone, momentum remains with the bulls.
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