Ethereum Price Analysis: ETH Still Not Out of the Woods Despite Surge Past $2.3K

Ethereum is finally showing more upside potential. After spending weeks building a base above the February lows, ETH has now pushed into a key resistance zone, which makes this one of the more important tests since the selloff began. The rebound is real, but it is now approaching an area where sellers previously stepped in.

Ethereum Price Analysis: The Daily Chart

The daily chart has improved, but the broader trend is not fully repaired yet. ETH is still trading below the major 100-day and 200-day moving averages, and the bigger bearish structure from the previous months has not been completely invalidated. Even so, the strong reaction from the $1,800 region confirms that buyers have been defending that area aggressively.

The asset is now trading near the $2,300 to $2,400 supply zone, which is the next major battleground. If buyers manage to turn this area into support, the path could open toward the higher resistance band near $2,800. If not, this move may end up being just a strong relief rally inside a still-damaged higher timeframe structure.

ETH/USDT 4-Hour Chart

On the 4-hour chart, the recovery looks much cleaner. ETH has been climbing inside an ascending channel, printing higher highs and higher lows, which shows clear short-term control by buyers. The asset has even broken above the channel, pointing to a potentially more aggressive rally, if the current move does not become a fake breakout by dropping back inside the channel. Momentum has also expanded sharply, with RSI pushing into the overbought territory as the price accelerated into resistance.

That said, the market is no longer trading in the middle of the range. It is now testing the upper boundary of the recent advance and pressing into overhead supply at the same time. This usually means the next move matters a lot. It can either be a breakout continuation above the channel and resistance, or a fakeout and drop toward the mid-channel and the $2,000 to $2,100 area.

On-Chain Analysis

The on-chain backdrop is constructive. Ethereum’s 30-day transaction count exponential moving average remains elevated relative to most of the past cycle, even after cooling off from its recent spike.

That suggests network activity has not collapsed with the prior price weakness and that underlying usage is still holding up fairly well. However, it also shows that a potential capitulation phase is happening, as many holders have become active in selling their coins and exiting the market quickly. However, for every seller, there is a fresh buyer.

Overall, the network is showing better participation than price alone might suggest. That does not guarantee immediate upside, but it does support the idea that the recent rebound has a stronger foundation than a purely speculative bounce. If the price can now follow through above resistance, the on-chain picture would start to align much more clearly with a broader recovery thesis.