Ethereum’s $2,100 Rebound: Analysts Eye Macro Range Reclaim Amidst Potential Four-Month Losing Streak Threat
Ethereum (ETH) has staged a notable recovery in the past 24 hours, surging 6.2% from the $1,980 mark to $2,104. This resurgence has brought ETH back to retest the crucial $2,100 resistance level, a significant milestone in its attempt to recover from recent losses. However, this positive momentum is juxtaposed with concerns about a potential four-month losing streak, a scenario that has prompted analysts to closely monitor key price levels and market indicators.
Ethereum’s Price Action: A Battle for Recovery
Ethereum’s recent price action has been marked by volatility and uncertainty, with analysts closely observing key support and resistance levels.
- $2,100 Retest:
- Ethereum’s 6.2% surge has brought it back to retest the $2,100 resistance level, a crucial threshold for further recovery.
- This level represents a significant challenge for ETH, as it attempts to reclaim lost ground.
- Macro Range Reclaim:
- Analyst Rekt Capital has noted that ETH’s price action is “not that far away” from turning the recent downside deviation into a downside wick on the monthly timeframe.
- This scenario hinges on ETH reclaiming its macro range, which lies between $2,196 and $3,900.
- A reclaim of this level before March closes would see the sub $2,200 drop, be viewed as a temporary wick.
- Potential Four-Month Losing Streak:
- Ethereum’s current price action is 6.8% away from turning March green, according to CoinGlass data.
- If ETH fails to close March with positive returns, it could experience a four-month losing streak, a scenario not seen since 2018.
- This would be a very bearish sign.
- Q1 Performance:
- Ethereum has experienced its worst Q1 in seven years, currently down 37.46% from its 2025 opening.
- This poor performance has raised concerns about ETH’s short-term outlook.
- Historical Q2 Performance:
- Historically, Ethereum has seen a bullish Q2, only closing the second quarter in red on two occasions.
- This historical trend offers a glimmer of hope for potential recovery in the coming months.
Key Support and Resistance Levels
Analysts have identified key support and resistance levels that will play a crucial role in Ethereum’s price trajectory.
- Support Zone:
- Analyst Ali Martinez has identified the crucial support zone between $1,886 and $1,944, where more than 3 million investors bought around 6.12 million ETH.
- This level represents a significant buying interest and could provide a floor for ETH’s price.
- Resistance Zone:
- The most significant resistance lies between $2,250 and $2,610, where 12.28 million addresses accumulated 65 million ETH.
- A decisive break above this area would negate the bearish outlook, according to Martinez.
- $2,200 Resistance:
- Analyst Crypto Jelle has highlighted the importance of reclaiming the $2,200 resistance level, which could fuel a “monster deviation” if recovered.
- This level represents a key psychological barrier for ETH.
Manipulation Phase and Potential Recovery
Analyst Ted Pillows has suggested that Ethereum’s manipulation phase “is almost over,” indicating a potential shift in market dynamics.
- Power of Three (Po3) Pattern:
- Pillows has asserted that ETH’s chart displayed a Po3 pattern, signaling that the cryptocurrency is in the manipulation phase.
- This pattern suggests that the current price action is part of a larger manipulation strategy.
- Potential Reversal:
- The end of the manipulation phase could lead to a significant price reversal, potentially pushing ETH towards higher levels.
- This would be a very bullish scenario.
Market Sentiment and Investor Behavior
Market sentiment remains cautious, with investors closely monitoring key price levels and technical indicators.
- Bearish Outlook:
- The potential for a four-month losing streak has created a bearish outlook among some investors.
- This has led to more cautious trading.
- Bullish Indicators:
- The reclaim of the macro range and the break above key resistance levels could shift market sentiment towards a more bullish outlook.
- This would require a large amount of buying pressure.
: A Critical Juncture for Ethereum
Ethereum finds itself at a critical juncture, with its recent rebound and potential macro range reclaim offering a glimmer of hope amidst concerns about a four-month losing streak. Analysts are closely monitoring key support and resistance levels, as well as potential market patterns, to gauge ETH’s future trajectory. The cryptocurrency’s ability to overcome the $2,200 resistance and reclaim its macro range will be crucial in determining its short-term and long-term outlook. The market will continue to watch closely, as Ethereum navigates this period of uncertainty and potential recovery.
