Ethereum took a hit on April 13, opening at $2,285.1, briefly touching a high of $2,289.3, then plunging to a session low of $2,176.6 — a daily loss of 3.2%. The decisive rejection near $2,300 underscores the persistence of sell pressure at that level, as buyers repeatedly failed to push through.
Three Months of Range-Bound Trading, $2,300 as a Hard Ceiling
Since March, ETH has largely been trapped between $2,000 and $2,300. After a steep decline from above $4,000 to near $1,700 earlier this year, price action shifted to a sideways consolidation, reflecting balanced supply and demand. The bounce from February lows produced a sequence of higher troughs, but each attempt to rally above $2,300 met stiff resistance. As the second-largest blockchain by market cap, Ethereum underpins a vast ecosystem of DeFi, NFTs, and dApps; its native token, ETH, is used for transaction fees and smart contract execution, tying its price closely to broader Web3 sentiment.
Momentum Indicators Weaken, Support Under Pressure
Daily chart volatility bands show the upper limit near $2,295.8 and the mid-band around $2,112.8. The failure to hold above the upper band has steered price back toward the midpoint, putting short-term support on the line. A close below $2,110 would shift attention to the range floor at $2,000, with the lower volatility band at $1,941.7 serving as a deeper floor. The MACD histogram remains positive at +0.86% but is shrinking, and the signal lines are converging — classic signs of waning buying strength. Resistance stays clearly defined between $2,295 and $2,320; a breakout above could target $2,400 or higher. Immediate support sits at $2,110–$2,120, and a breakdown would likely trigger a retest of $2,000.
Analyst: Historical Patterns May Not Repeat
Market analyst Daan Crypto Trades noted that while the early part of the quarter was positive, Ethereum's historical performance is not a reliable guide — over the past year, seasonal trends have often been defied. With price swings narrowing, each move's effectiveness is limited. The coming sessions will test whether range boundaries hold or a shift in momentum sparks a new trend.