Ethereum has recently made a surprising comeback in the market, with a significant 21% surge from its recent low of $1,380. This sudden rise followed US President Donald Trump’s announcement of a 90-day pause on reciprocal tariffs for all countries except China, which now faces a 145% tariff. This development injected optimism into global markets, leading to a broad recovery across risk assets, with Ethereum being one of the top beneficiaries.
Despite this relief rally, Ethereum is still trading below critical technical levels, indicating ongoing consolidation rather than a confirmed reversal. Analysts remain cautious as the asset struggles to reclaim the $1,800–$2,000 range, raising questions about the long-term trend.
However, on-chain data from CryptoQuant presents an interesting perspective on the current situation. Ethereum’s price is currently below its realized price, which is the average price at which all ETH in circulation last moved. Historically, this scenario has signaled a high-probability accumulation zone, often occurring once per cycle.
Some analysts view this as a unique buying opportunity for contrarian investors who are willing to overlook short-term volatility and macro uncertainty. As Ethereum continues to consolidate, the focus is on whether bulls can capitalize on this momentum.
Ethereum is now facing a critical test amid ongoing volatility and trade tensions. The crypto market, particularly altcoins like Ethereum, has been impacted by macroeconomic uncertainty and escalating global trade tensions. ETH has experienced a significant drop in value since late December, sparking concerns about a prolonged bear market.
However, signs of a shift are emerging as bulls reappear, pushing Ethereum to establish strong support above $1,400. This recovery follows intense price fluctuations not only in the crypto market but also in global equities, which have seen substantial rebounds following the tariff announcement.
Despite the positive momentum, Ethereum remains below crucial resistance levels, especially the $2,000 mark. Top analyst Quinten Francois notes that ETH is currently trading under its realized price, which averages the cost basis of all coins in circulation. This historically indicates rare buying opportunities, presenting a chance for long-term investors to accumulate ETH at undervalued levels.
The coming days will be crucial in determining whether bulls can reclaim key resistance levels and shift sentiment towards a sustained recovery. Ethereum’s current price action is hovering around $1,650, struggling to break above the $1,700 level, a significant psychological and technical barrier.
For a stronger recovery to take place, Ethereum must surpass the $1,850 mark, which aligns with the 4-hour 200-day moving average and exponential moving average. Failure to do so could increase downside risk, potentially leading to a drop below the $1,500 support zone.
With market sentiment still fragile and macroeconomic uncertainties looming, Ethereum is at a pivotal juncture. A decisive move above resistance levels is essential to shift the outlook from bearish to neutral. The future of Ethereum’s price trajectory will depend on how it navigates these challenges in the days ahead.