Ethereum Surges 45% Reclaiming $2,200-$3,900 Range

Ethereum (ETH) has recently shown significant recovery, reclaiming its crucial macro range of $2,200-$3,900, which was lost in March. This recovery comes after a surge of nearly 45% in the past week, with the cryptocurrency jumping from an 18-month low of $1,380 to break past the $2,000 resistance and regain key levels at $2,100 and $2,300. Ethereum has since hovered between $2,400 and $2,600, hitting a two-month high of $2,624 on Monday.

Market analysts have noted that Ethereum is currently building a base at important levels before its next move. Castillo Trading highlighted that the $2,400-$2,700 zone is likely to be ETH’s trading range for the upcoming days, with potential shakeouts in both directions before continuing its upward trajectory. Daan Crypto Trades echoed this sentiment, stating that if Ethereum loses the key area around $2,400, it could drop to $2,300 or below the $2,100 support level. Conversely, if ETH breaks past the $2,600 resistance, the current level may become a nice retest of the horizontal, with the next crucial level sitting around the $2,850-$2,900 range.

Analyst Rekt Capital pointed out that Ethereum secured a key weekly close at $2,514, officially reclaiming its macro range. According to the analyst, history suggests that ETH will likely lift across the range over time, with any dips solidifying $2,200 as range low support. However, if the $2,468 level is lost, ETH could see a 10%-15% pullback toward the $2,200-$2,100 mark. Rekt Capital also noted that Ethereum has managed to fill the $2,530-$2,630 daily CME gap created in March and has formed two small CME gaps at the $2,300-$2,400 and $2,100-$2,200 levels, which could be closed soon. The analyst affirmed that Ethereum intends to fill its macro CME gap between $2,900 and $3,350, signaling a potential surge toward those levels.

As of the latest update, Ethereum is trading at $2,597, reflecting a 5% increase in the daily timeframe. The cryptocurrency's performance indicates a strong recovery and potential for further growth, but analysts warn of potential volatility and the need for Ethereum to build a base at current levels before its next significant move.