Ethereum Reclaims $2,444 After 10.5% Weekly Gain Amid Geopolitical Volatility

Ethereum has made a significant recovery, reclaiming the $2,444 level after a tumultuous week marked by geopolitical tensions in the Middle East. The cryptocurrency briefly dipped below the $2,200 mark last weekend due to panic selling triggered by US attacks on Iranian nuclear facilities. This sell-off caused a sharp fakeout, temporarily pushing ETH out of its multi-week trading range. However, bullish momentum is now regaining control, signaling the potential start of a recovery rally.

Top analyst Ted Pillows highlighted that Ethereum is reclaiming the key $2,444 resistance level, a zone that has acted as both support and resistance throughout May and June. If bulls can maintain momentum above this threshold, it could pave the way for a bullish continuation toward the higher end of the established range.

Despite lingering macroeconomic and geopolitical risks, Ethereum’s current structure shows renewed strength. Market participants are closely monitoring ETH, as it often serves as a leading indicator for broader altcoin performance. Holding above $2,400 could catalyze a broader rally, especially if Bitcoin continues to stabilize and approach new all-time highs.

Ethereum is currently at a critical juncture after a week of volatile price action driven by geopolitical instability and macroeconomic uncertainty. Following a sharp drop below $2,200 amid panic selling over the Middle East conflict escalation, ETH has recovered significantly, now hovering around the $2,444 level. This price zone is crucial, both as a technical resistance and as a sentiment marker for traders watching for signs of a trend reversal or confirmation of a deeper pullback.

Analysts are divided on the next steps. Some believe Ethereum’s recent recovery could signal the beginning of a bullish continuation, especially if price action holds and pushes above the upper range levels near $2,600. A breakout from this zone would indicate renewed strength and could set the tone for a broader altcoin rally, particularly as Ethereum often leads sector momentum. Others warn that the recovery might be short-lived, and a retreat to lower demand zones could occur if macro conditions worsen.

Ted Pillows notes that Ethereum is currently reclaiming the $2,444 resistance level. He emphasizes that bullish continuation into the range highs is necessary to confirm breakout strength. Until then, traders are watching closely, as any rejection at this level could shift momentum back to the downside. With global tensions and monetary tightening from central banks continuing to influence markets, the coming weeks may determine whether ETH enters a new uptrend or retreats further into its long-standing consolidation range.

The weekly chart of Ethereum (ETH/USD) shows a strong recovery from the $2,189 low, with ETH currently trading at $2,463 — a 10.5% gain so far this week. This sharp bounce comes after a fakeout below the $2,200 level and suggests renewed buying pressure following recent geopolitical volatility. However, price is now testing a major confluence zone formed by the 50-week ($2,660), 100-week ($2,625), and 200-week ($2,437) simple moving averages.

This cluster of moving averages is acting as resistance, capping ETH’s upside momentum. Historically, when Ethereum breaks through these long-term trend lines, a significant trend continuation follows. But for now, bulls must decisively clear this $2,450–$2,660 zone to confirm a breakout and open the door toward the $3,000 psychological level.

Volume has slightly increased, indicating rising interest, but the rejection wicks from prior weekly candles suggest the market remains indecisive. As long as ETH holds above the 200-week SMA ($2,437), the structure remains constructive, but a breakdown below it would likely reintroduce bearish sentiment.