Ethereum is holding above its February low but remains in a tentative recovery phase, facing major overhead resistance. Technical analysis shows the daily chart is still bearish, with ETH trading below key moving averages. However, the 4-hour chart presents a more constructive view, showing firmer lows and improved momentum, though buyers struggle to break a key ceiling near $2,150.
Ethereum is attempting to build a base, but the broader picture has not changed enough to signal a true trend reversal. The asset is holding above the February floor, yet it continues to trade beneath major overhead resistance, leaving the market in a recovery attempt rather than a confirmed bullish phase.
The daily chart still leans bearish, with ETH remaining below the 100-day and 200-day moving averages. The market’s ability to defend the $1,800 to $1,700 demand area is notable, but it keeps running into resistance near $2,150 and the $2,400 supply region.
The 4-hour chart is more constructive, showing a series of firmer lows since the late February bottom. “The buyers have one obvious problem: they are not breaking the ceiling,” as the $2,150 level has repeatedly capped the upside.
On-chain analysis shows network activity expanded aggressively recently, suggesting solid user engagement even as the market structure weakened. However, the latest drop in active addresses indicates participation has cooled with price stress, offering a nuanced picture.
The underlying activity provides some support for a medium-term recovery thesis. For now, this remains a market trying to rebound within a bigger downtrend, not one that has escaped it.
