Ethereum (ETH) has slipped to $2,132 as its recovery continues to lag significantly behind Bitcoin. While Bitcoin absorbs volatile selling pressure with relative strength, ETH's price action remains subdued, widening the gap between the two largest cryptocurrencies.
Resistance at $2,600–$2,655 Stands as Key Hurdle
Analyst Morecryptoonl describes the recent price action as 'corrective' and warns against being misled by short-term optimism. He identifies the $2,600–$2,655 range as critical resistance; unless ETH convincingly breaks above this zone, downside pressure is likely to persist. 'Buyers have shown renewed appetite, but from my perspective the overall structure still appears corrective. As long as Ethereum stays behind Bitcoin and below major resistances, it's too early to trust this recovery,' he notes.
Technical Outlook: Losing February Lows Could Send ETH to $1,000
February's lows now serve as a key support level. Should ETH lose that floor, the price could quietly retreat to the $1,400–$1,000 range. Using Elliott Wave Theory, Morecryptoonl's chart suggests a further drop may unfold within a 'y' wave extending as low as $1,041. Immediate supports sit at $1,800, $1,600 and $1,000; Fibonacci retracement markers at $1,818 (78.6%) and $1,598 (88.7%) could offer temporary relief but analysts say they are unlikely to provide lasting support. Resistance levels line up at $2,605, $2,655, $2,863 and $2,946.
Institutional Participation vs. Weak Price
Despite Ethereum's double-digit underperformance against the broader crypto market in recent months, major institutional investors have remained active. The persistent divergence between price and fundamentals could lead to longer periods of weakness than many expect. At the time of analysis, ETH traded at $2,132 — well below key resistance — with no clear signs of an imminent structural reversal. Investors debate whether the recent uptick marks the start of a new rally or a final exit opportunity before another drop. The chart offers little optimism for bullish Ethereum traders in its current state.