Ethereum price recovered above $1,880 and is trading around $2,032, showing signs of recovery after a prolonged correction
Critical resistance levels at $2,020, $2,040, and $2,150 need to be broken for ETH to potentially reach $2,800 or even $4,000
Institutional investors continue accumulating ETH, with wallets holding at least $100,000 worth of ETH growing from 70,000 to over 75,000 between March 10-22
Major institutions like Fidelity and BlackRock are embracing Ethereum for blockchain tokenization, with BlackRock’s ETH holdings crossing $1 billion
Technical indicators suggest a potential 65% rally to $3,400 by June if ETH maintains support above $2,000
Ethereum has begun showing signs of recovery after months of bearish pressure, with the price now holding steady above the $2,000 mark. The second-largest cryptocurrency has endured a difficult three-month period that saw its value drop by over 50% from December highs, but technical indicators and institutional interest suggest a potential shift in momentum.
ETH formed a base above the $1,820 level and started a recovery wave similar to Bitcoin’s recent movement. The price cleared several resistance levels at $1,880 and $1,920 before pushing above $1,950.
Currently trading around $2,032, Ethereum is facing hurdles near the $2,020 resistance zone. There is a short-term rising channel forming with support at $1,980 on the hourly chart.
The first major resistance for ETH sits near the $2,040 level. Many analysts believe that breaking above this point could send the price toward the $2,120 resistance.
If Ethereum manages to break above $2,120, it might continue rising toward $2,150 or even $2,250 in the near term. However, failure to clear these resistance levels could trigger another decline.
Initial support on the downside appears near the $1,980 level. The first major support sits at the $1,950 zone, with additional support levels at $1,880, $1,850, and $1,800.
Despite the recent price struggles, institutional investors have continued to accumulate ETH. According to Glassnode data, the number of wallets holding at least $100,000 worth of ETH grew from 70,000 on March 10 to over 75,000 by March 22.
Nansen’s analyst Nicolai Sondergaard highlighted that Ethereum whales with balances between 10,000 and 100,000 ETH have increased their positions. This comes while smaller holders have been reducing their ETH holdings.
Ethereum’s futures open interest reached an unprecedented level on March 21. This suggests that large traders might be positioning themselves for a climb above $2,400.
Technical Analysis
Technical indicators point to a possible major comeback for ETH. With the price hovering close to $2,000, a crucial long-term support level, historical patterns suggest potential for strong rallies.
Previous rebounds from this multi-year support have preceded gains of over 2,000% and 360% in earlier market cycles. If ETH maintains this support, it could potentially move toward $3,400 by June—representing a 65% rise from current levels.
#Etherum$ETH needs to reclaim 2150$ area as a support again, otherwise we are just heading towards another bearish retest.
Major financial institutions continue to show interest in Ethereum’s blockchain technology. Fidelity Investments recently filed with US regulators to register a tokenized version of its US dollar money market fund on Ethereum.
The $5.8 trillion asset manager plans to launch “OnChain” to track transactions of the Fidelity Treasury Digital Fund, an $80 billion fund primarily consisting of US Treasury bills. The filing indicates the OnChain share class is scheduled to take effect on May 30, pending regulatory approval.
Ethereum remains the dominant blockchain for real-world asset tokenization, hosting over $3.3 billion worth of tokenized assets. This is substantially higher than its closest competitor, Stellar, with $465.6 million.
BlackRock’s increasing Ethereum holdings reflect growing institutional confidence. Its BUIDL fund now holds nearly $1.145 billion worth of Ether, up from $990 million just a week earlier.
Many crypto analysts believe Ethereum must reclaim the “macro range” above $2,200 to reverse its three-month declining trend. According to crypto analyst Rekt Capital, ETH needs to generate a strong enough reaction to reclaim the $2,196-$3,900 macro range.
While short-term market volatility may continue due to global economic concerns, the long-term outlook for Ethereum appears positive. Investment firm VanEck projects a $6,000 price target for ETH during 2025, representing a substantial increase from current levels.
For ETH to maintain bullish momentum, it must first overcome resistance at $2,020 and $2,040. Breaking past these levels could open the path toward higher targets at $2,120, $2,150, and beyond.
This articles is written by : Nermeen Nabil Khear Abdelmalak
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By Nermeen Nabil Khear 
