Ethereum (ETH) attempted a recovery from $2,235 this week, yet the rally has stalled below the $2,320 resistance, dimming bullish hopes.
ETH Recovery Stalls
The pair clawed back from a $2,235 swing low and pushed toward $2,320, but bears resurfaced and forced a retreat under $2,300.
ETH is now changing hands close to $2,261 after a second consecutive losing week. The token opened the week at $2,281 and briefly touched $2,375 before sellers stepped in.
A bullish trend line is forming with support near $2,260 on the hourly chart of ETH/USD, data from Kraken shows. The 100-hourly simple moving average is acting as the next obstacle for buyers.
The price cleared the 50% Fibonacci retracement of the drop from $2,382 to $2,233 during the bounce. The 61.8% level near $2,320 has so far rejected every push.
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Analyst Views, Key Levels
If buyers reclaim $2,320, the next resistance sits near $2,380, with $2,420 and $2,500 as further upside targets. Failure to break above will likely send the chart back to $2,250 and possibly $2,150.
Analyst Ted Pillows told followers on X that holding the $2,250 zone could allow ETH to bounce toward $2,350 to $2,400. Losing that floor opens a path to $2,150 or lower.
The hourly MACD is gaining momentum in the bearish zone, while the hourly RSI sits below 50. Both readings point to fading short-term strength.
Jane Street has reshaped its positioning, with regulatory filings showing the firm added about $82 million to its iShares Ethereum Trust exposure in the first quarter while cutting Bitcoin ETF holdings. That rotation underscores steady institutional interest even as the chart looks soft.
Ether's Choppy Stretch
Ether traded in a band between roughly $2,100 and $2,400 throughout Mar. and Apr. after rebounding from February lows near $1,800. The token reached a monthly high of $2,450 in mid-Apr. before sliding 8% by month-end as a $500 million crypto deleveraging event broke the ascending trendline.
Spot Ethereum ETFs ended a six-month outflow streak in Apr. with $356 million in net inflows, the first positive monthly reading since launch. Traders are now watching whether the upcoming Glamsterdam upgrade, expected by mid-2026, can flip the $2,335 moving-average cluster into support.
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