On Monday, Ethereum (ETH) managed to regain the $2,000 support level, thanks to an overall market rebound. Hitting a two-week peak of $2,104, an analyst hinted that the digital currency might wrap up March on a high note.
Ethereum is on the brink of a green monthly close, having soared 6.2% from the $1,980 marker to $2,104 in the past 24 hours. This rebound at the beginning of the week allowed ETH to re-challenge the $2,100 resistance for the first time in seven days, bringing it closer to its pivotal price range.
Analyst Rekt Capital observed that the price movement of the cryptocurrency is “not that far off” from transforming the downside deviation into a downside wick on the monthly chart. ETH dipped below the $2,196-$3,900 range on March 9, tumbling to a low of $1,750 in the days that followed, a figure not seen since November 2023.
Post retesting a historical demand zone, “Ethereum is now merely +5% away from positioning itself for a reclaim of its Macro Range,” the analyst clarified. If this level is regained before the conclusion of March, “this entire sub-$2,200 downside could end up as a downside wick.”
Moreover, data from CoinGlass indicates that Ethereum’s current price action is just 6.8% away from turning March green. The digital currency commenced the month at $2,237, and a finish above this mark could halt its three-month downward trend. However, failure to wrap up March positively could lead to ETH seeing red for four straight months, a first since 2018.
Despite Ethereum, the “King of Altcoins”, enduring its worst Q1 in seven years, being down 37.46% from its 2025 opening, history suggests a bullish Q2. Only twice has it ended the second quarter in the red. A recovery of ETH’s Macro Range lows could see the digital currency climb back to the range’s highs in the coming three months.
Analyst Ali Martinez outlined the crucial levels to monitor, indicating that Ethereum’s most vital support zone is between $1,886 and $1,944, where more than 3 million investors purchased around 6.12 million ETH. On the other hand, its most significant resistance lies between $2,250 and $2,610, where 12.28 million addresses accumulated 65 million ETH.
He further stated that “a decisive break above this area would negate the bearish outlook.” Crypto Jelle echoed this sentiment, highlighting that ETH is attempting to regain the crucial $2,200 resistance, which could spark a “monster deviation” if recovered.
Analyst Ted Pillows suggested that Ethereum’s manipulation phase “is almost over.” Earlier, he claimed that ETH’s chart exhibited a Power of Three (Po3) pattern in the making, suggesting that the cryptocurrency is in the manipulation phase.
According to the analyst, “A breakout above $2,200 and an expansion phase will start.” He pointed out that the breakout could be feasible as ETH retested its multi-year trendline support, which has only been retested three times since 2021. The previous two times, “they marked the cycle bottom,” which could imply that Ethereum’s downward trend is set for a recovery if it replicates its historical performance.
At the time of writing, Ethereum is trading at $2,090, reflecting a 4.3% surge in the daily timeframe.
