Ethereum is trading at low levels after failing to reclaim the $2,500 mark, leaving the market uncertain about its next move. Analysts remain divided, with some calling for a continued drop as ETH’s price action remains unstable, while others see signs of a potential recovery forming at key support levels.

Top analyst Ali Martinez shared on-chain data from Glassnode, revealing that the number of Ethereum addresses holding more than 10,000 ETH has dropped to 919, down from 999 in late February. This suggests that whales have been selling heavily during the latest correction, likely driven by fear and liquidity issues. The capitulation of big players is often a bearish sign, signaling uncertainty among institutional investors and raising concerns about further downside risk.

Despite this wave of selling, Ethereum has held a key demand level around $2,200, suggesting that a potential reversal could be forming. If ETH manages to stabilize at this level, it could build momentum for a rebound in the coming weeks.

The next few weeks will be crucial for ETH’s price action. If bulls regain control, Ethereum could attempt another push toward $2,500 and beyond. However, failure to hold current levels could result in another leg down, extending its bearish phase and keeping traders on edge.

Price Action Details: Key Levels To Watch

Ethereum (ETH) is currently trading at $2,300, stuck in a range after failing to hold above $2,500 or break below $2,000. The market remains uncertain, with volatility swinging ETH’s price up and down, preventing a clear trend from forming.

For bulls to confirm a recovery rally, a push above the $2,500-$2,600 range is essential. Reclaiming this zone would signal strong buying momentum, potentially shifting sentiment back in favor of bulls. Without this move, Ethereum remains at risk of continued consolidation or another leg down.

However, for now, the main focus is on holding the $2,200 demand level. This key support zone has kept ETH from breaking lower, but if it fails, selling pressure could intensify, pushing Ethereum toward sub-$2,000 levels.

With market uncertainty still high, traders are watching whether ETH can stabilize above $2,200 or gain momentum toward higher resistance levels. Until Ethereum breaks out of its current range, volatility is expected to continue, keeping both bulls and bears cautious about the next major price move.

Featured image from Dall-E, chart from TradingView

Crypto analyst Tony Severino has drawn similarities between Ethereum’s price action in 2024 and this year. Specifically, the analyst highlighted important technical indicators and what they are saying about ETH’s future trajectory. 

Ethereum’s Price Action In 2024 Vs. 2025 Based On Important Technical Indicators

In an X post, Tony Severino provided a Japanese candlestick, TD Sequential and Parabolic SAR analysis of the 2024 and 2025 Ethereum price action. He noted that ETH’s 2024 candle made a lower high both on a candle close and wick high basis. On the other hand, he revealed that 2025’s candlestick is currently a bearish engulfing with the candle body fully engulfing 2024’s candlestick and is entering 2023’s candle body. 

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Meanwhile, Severino stated that the yearly support is drawn at $735, while the Parabolic SAR is at $370. He also remarked that the TD Sequential count is now on a red 1, potentially denoting the start of Ethereum’s first ever yearly downtrend. The analyst assured that it is still very early to worry about a yearly candlestick that has ten more months to close. 

Ethereum is currently in a downtrend, having dropped below $2,000 yesterday for the first time since December 2023. Although ETH has recovered above this psychological level, concerns remain about its current price action. As Severino noted, the Ethereum price could be facing its first-ever yearly downtrend. 

Ethereum began the year in an unusual manner, recording a negative monthly close in both January and February, the first time this has happened. Crypto analyst Ali Martinez warned that the Ethereum price could still drop to as low as $1,600 or even $1.200, having broken below the lower boundary of a parallel channel. 

ETH’s Bottom Might Be In

In an X post, crypto analyst Titan of Crypto asserted that Ethereum’s bottom is in. He revealed that the 2024 low has been swept on ETH’s perpetual daily chart, tapping into what the analyst believes is the most significant point of interest for a potential reversal. The analyst’s accompanying chart suggested that the Ethereum price could still come close to or even reach its current all-time high (ATH). 

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In the short term, the Ethereum price is still expected to rebound. The analyst revealed that two ETH CME futures gaps remain unfilled above $2,500. The first is between $2,540 and $2,620, while the second is between $2,900 and $3,300. He noted that these ETH CME futures gaps traditionally tend to get filled, indicating that the crypto could soon rebound to these price levels. 

At the time of writing, the Ethereum price is trading at around $2,176, up over 3% in the last 24 hours, according to data from CoinMarketCap.

Featured image from Unsplash, chart from Tradingview.com