Ethereum is trading around 2,703.74 on the monthly timeframe, sitting well above the long term ascending trendline that has supported price since the 2022 bear market low near 900.
The broader structure here shows a steep decline from the 2021 cycle high near 4,870 down to that 900 level in mid 2022, which marked the starting point for a multi year recovery trendline that has held through every major pullback since. ETH rebuilt from that low through 2023 and 2024, eventually reclaiming the 2,450 to 3,050 zone that had acted as resistance during the prior cycle, and extending into a fresh all time high near 4,950 in 2025. Since that peak, price has corrected sharply, pulling back through 3,650 and 2,050 before stabilizing, with the rising trendline continuing to climb beneath the entire structure and currently sitting well below current price near 1,650.
Price is currently recovering from a recent low near 1,650, climbing back toward the 2,450 to 3,050 zone that remains the key resistance band from the prior cycle.
Key Levels To Watch:
→ 4,950 2025 all time high, cycle top
→ 3,650 Prior swing high, resistance on a bounce
→ 3,050 Upper boundary of key resistance zone
→ 2,703 Current price, recovering toward resistance
→ 2,450 Lower boundary of key resistance zone
→ 1,650 Recent low, trendline support
→ 900 Trendline origin, 2022 cycle low
Holding above 1,650 keeps the broader macro uptrend fully intact, with a reclaim of 3,050 opening the door back toward the 4,950 high and potentially fresh all time highs if the next leg of this cycle develops.
Losing the trendline near 1,650 would be a significant structural shift, unwinding much of this cycle’s recovery and exposing much lower levels as the next area of interest.
Hold the trendline and Ethereum’s broader cycle remains constructive. Lose it and the macro structure shifts meaningfully bearish.
Bias stays constructive given the strength of this multi year trendline, but the reaction at the 2,450 to 3,050 resistance zone is what determines whether this recovery extends toward fresh highs.