Ethereum faces strong resistance at $2,400 while analysts believe that the cryptocurrency will not fall below $2,000 once again.
Ethereum ETH $1 806 24h volatility: 1.6% Market cap: $217.99 B Vol. 24h: $11.98 B has once again climbed above the critical $2,000 mark, fueling discussions among analysts that the bottom may already be priced in.
With a slew of technical indicators suggesting a potential rally, traders and investors alike are wondering if the time for purchasing ETH below $2,000 has long passed.
Ethereum’s Recovery: Mega Rally Incoming?
After slipping below $2,000 in early March, Ethereum has staged a strong comeback, with several analysts calling for a continued rally.
Pseudonymous crypto analyst Master Kenobi highlighted an interesting pattern that mirrors Ethereum’s 2020 price action.
According to Kenobi, a steep crash in 2020 laid the foundation for an all-time high (ATH), and a similar setup appears to be forming in 2025.
His analysis, backed by the chart below, indicates a long-range hidden bullish divergence, suggesting weakening downward pressure for Ethereum.
The Relative Strength Index (RSI) levels show that selling momentum is tapering off, potentially setting the stage for further upside.
Since ETH dipped below $2,000, selling pressure has been intense, with massive outflows from Ethereum ETFs. However, as outflows slow, investors are becoming increasingly confident that Ethereum has already established its bottom.
The price surge was recorded amid a $11.75 million in inflows from the United States spot Ethereum exchange-traded funds (ETFs), as per SoSoValue data on March 19th.
Key Resistance at $2,400: Can Ethereum Flip Bullish?
Analyst Ali Martinez pointed out that Ethereum reclaiming $2,000 is significant, but a true bullish reversal will only be confirmed if ETH conquers the $2,400 resistance zone.
The analyst posted a chart, showing heavy resistance in the $2,350-$2,400 range. If Ethereum clears this hurdle, the path to further gains looks promising.
Crypto analyst Caesar also weighed in, sharing a chart that outlines potential price targets for ETH. His analysis suggests that ETH could move toward $2,500 in the near term, with a strong breakout opening doors for a push toward $3,000.
However, a failure to breach $2,400 could lead to a retest of lower support levels.
Standard Chartered’s Bearish Outlook on ETH
Despite the bullish momentum, not all analysts are convinced. Standard Chartered recently slashed its 2025 Ethereum price target from $10,000 to $4,000. The reason? Profit-taking by major players such as Coinbase.
A Standard Chartered analyst revealed that Coinbase “proactively sold” 12,652 ETH (roughly $37 million) in Q4 2024.
The bank’s research suggests that while Coinbase’s layer-2 network Base drives demand for Ethereum, the company is ultimately selling most of its ETH profits, putting downward pressure on price.
“My view is that increased activity on Base increases demand for ETH in the first instance,” said Geoff Kendrick, Global Head of Digital Assets Research, while adding that “all of Base’s profits (which are circa 80% of all Base revenue) are sold (ETH-USD selling) to effectively repatriate profits back to Coinbase.”
Kendrick also pointed out that Coinbase’s quarterly Ethereum holdings reflect proactive selling, with net ETH sales of 1,558 ETH over three quarters post-Dencun upgrade.
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