Ethereum faced resistance around $2,300 as momentum weakened in the tight trading range
TLDR
Ethereum posted a daily move of -3.19%, rejecting near $2,300 and closing lower in the range.
After emerging from an extended decline, the price will remain in the range between $2,000 and $2,300.
Momentum indicators show weak strength when the MACD histogram decreases and the lines converge
Key support at $2,110 is under pressure, while resistance around $2,300 continues to limit upside attempts.
Ethereum started the second quarter with small gains, but recent price action shows hesitation near key resistance levels.
A daily chart shared by analyst Daan CryptoTrades points to weakening momentum as ETH struggles to maintain its upward momentum within a certain consolidation range.
What does the current price action reveal about Ethereum's market structure?
A tweet from Daan CryptoTrades reveals the current position of Ethereum on the ETH/USD 1D chart from Bitstamp. The latest candle opened at 2,285.1 and reached a high of 2,289.3.
The price later fell to a low of 2,176.6 before closing at 2,212.8. This represents a decline of 72.8 points, representing a loss of 3.19% on the day.
This daily candlestick shows strong resistance near the upper limit of the range. A close close to the lower half of the candle suggests that sellers may regain control during the session. As a result, upward attempts are met with resistance, which limits further gains in the short term.
Looking at the broader structure, Ethereum remains in the recovery stage after a long period of decline. From November to February, the market made consistent low highs and low lows. During that period, the price dropped from over 4,000 to around 1,700.
Since March, the structure has changed to lateral movement. The price has been trading between 2,000 and 2,300, forming a consolidation zone.
This range reflects the balance between buyers and sellers after earlier falls. As higher lows were formed from February, resistance continued to contain a move near 2,300 to 2,400.
How Indicators and Key Levels Shape Ethereum's Future Movement?
The volatility bands on the chart provide additional context for the current price action. The upper band sits near 2,295.8, while the middle band stands at 2,112.8.
The lower band sits around 1,941.7. Price recently tested the upper band but failed to break above it. This rejection pushed the price to the middle band level.
The intermediate band near 2,110 now acts as a short-term pivot zone. A hold above this level could support further consolidation.
However, a break below could expose the lower range to 2,000. The lower band at 1,940 remains a deep support level if selling pressure increases.
Moment indicators show intensity change. The MACD-style oscillator remains positive with a histogram reading of +0.86%.
The fast line stands at 1.71% and the signal line is around 0.86%. Although the momentum has recently turned positive, the histogram is narrowing, and the lines are converging.
This pattern usually shows an upward trend. As a result, buying pressure seems to be fading near resistance levels. This is in line with the 2,300 decline that sellers recently re-entered.Source: TradingView
Resistance is clearly placed between 2,295 and 2,320. A break above this zone opens the way to 2,400 and above.
On the downside, immediate support is between 2,110 and 2,120. Below that, the range from 2,000 to 2,050 continues as a strong floor.
Current conditions suggest a market that still needs direction. The short-term trend is tilted to the downside after a recent rejection. However, the broad structure is associated with region, with no proven separation yet.
If the price falls below 2,110, a move towards 2,000 is more likely. On the other hand, a retracement of 2,300 could shift the momentum to higher targets between 2,500 and 2,700.
