- ETH bounced off key support after retesting 2023 lows, showing early reversal signs.
- Price remains under $2,841 resistance, where sellers blocked every past breakout.
- RSI sweep and wick below support mirror before bullish reversals from late 2023.
Ethereum recently retested a key price floor while showing deep oversold conditions, signaling a possible market shift. Analysts observe sharp declines followed by a support sweep, hinting at an upcoming structural change.
ETH Struggles Below Resistance but Shows Signs of Exhaustion
Ethereum continues to trade below multiple resistance zones that have shaped market sentiment since early 2023. Recent moves brought the price near historic support, causing a debate over whether a reversal may be forming. Analysts track these zones to anticipate short-term targets and broader trend shifts.
Amid these developments, technical analyst Crypto Gems has provided detailed insights on Ethereum’s critical levels. He highlights how Ethereum retested its March 2023 lows and bounced back above the October 2023 levels. According to him, each downtrend reached new lows before stabilizing at lower support bands.
Source: Crypto Gems
He identified horizontal price zones that influence Ethereum’s trend behavior between mid-2023 and early 2025. The highest resistance lies near $2,841, which has repeatedly triggered selling pressure. He notes this level has blocked every breakout since 2023, suggesting long-term holder control.
Crypto Gems also mapped intermediate zones, including $2,168 to $2,206, once key support, now resistance. Price breakdowns below this band confirmed the ongoing bearish structure. He identified $1,745 as a former support that now reflects weakening buyer confidence.
Ethereum currently trades within a fluctuating region around $1,552, which he marked as “Chop.” He describes this area as uncertain, with no strong bias among buyers or sellers. He marked $1,352 as the critical final support zone, warning of sharper declines if breached.
Liquidity Sweep Sets Stage for Ethereum Rebound
BATMAN has presented a comparative analysis using a different weekly chart to evaluate potential reversal signals. His interpretation focuses on price movements sweeping below support levels, often indicating temporary liquidity grabs before reversals.
Source: BATMAN
According to BATMAN, Ethereum briefly dipped under a marked support line before quickly bouncing above it within the same candle. He emphasized that this “sweep” motion coincided with extremely oversold Stochastic RSI readings near 5.20 and 4.14. These values match previous zones where Ethereum rebounded strongly.
Batman tracked similar conditions in late 2023 and August 2024, both followed by significant rallies. He also noted the weekly session remains open, with a red candle showing price still under pressure. The wick below supports and repeated RSI patterns suggest potential for a bullish reversal soon.
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