Ethereum Faces Resistance Near $2,300 as Momentum Weakens Within Tight Trading Range

TLDR:

Ethereum posted a -3.19% daily move, rejecting near $2,300 and closing lower within the range
Price remains range-bound between $2,000 and $2,300 after exiting a prolonged downtrend phase
Momentum indicators show weakening strength as MACD histogram shrinks and lines converge
Key support at $2,110 faces pressure, while resistance near $2,300 continues limiting upside attempts

Ethereum began the second quarter with mild gains, yet recent price action shows hesitation near key resistance levels.

A daily chart shared by analyst Daan Crypto Trades points to weakening momentum, as ETH struggles to sustain upward movement within a defined consolidation range.

What Does Current Price Action Reveal About Ethereum’s Market Structure?

A tweet from Daan Crypto Trades outlines Ethereum’s current position 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 dropped to a low of 2,176.6 before closing at 2,212.8. This marks a decline of 72.8 points, representing a 3.19% loss on the day.

This daily candle reflects a strong rejection near the upper boundary of the range. The close near the lower half of the candle suggests that sellers regained control during the session. As a result, upward attempts faced resistance, limiting further gains in the short term.

Looking at the broader structure, Ethereum remains in a recovery phase after a prolonged decline. From November to February, the market formed consistent lower highs and lower lows. During that period, price dropped from above 4,000 to around 1,700.

Since March, the structure has shifted into sideways movement. Price has been trading between 2,000 and 2,300, forming a consolidation range.

This range reflects a balance between buyers and sellers after the earlier decline. While higher lows have formed since February, resistance continues to cap upward movement near 2,300 to 2,400.

How Do Indicators and Key Levels Shape Ethereum’s Next Move?

Volatility bands on the chart provide further context for current price action. The upper band sits near 2,295.8, while the middle band stands at 2,112.8.

The lower band is positioned around 1,941.7. Price recently tested the upper band but failed to break above it. This rejection pushed the price back toward the mid-band level.

The mid-band near 2,110 now acts as a short-term pivot zone. Holding above this level may support continued consolidation.

However, a break below could expose the lower range near 2,000. The lower band at 1,940 remains a deeper support level if selling pressure increases.

Momentum indicators also show a shift in strength. The MACD-style oscillator remains positive, with the histogram reading at +0.86%.

The fast line stands near 1.71%, while the signal line is around 0.86%. Although momentum turned positive recently, the histogram is shrinking, and the lines are converging.

This pattern often signals slowing upward momentum. As a result, buying pressure appears to be fading near resistance levels. This aligns with the recent rejection near 2,300, where sellers stepped in again.Source: TradingView

Resistance remains clearly defined between 2,295 and 2,320. A break above this zone would open the path toward 2,400 and beyond.

On the downside, immediate support lies between 2,110 and 2,120. Below that, the 2,000 to 2,050 range continues to act as a strong floor.

Current conditions suggest a market still searching for direction. Short-term movement leans toward the downside following the recent rejection. However, the broader structure remains range-bound, with no confirmed breakout yet.

If price drops below 2,110, a move toward 2,000 becomes more likely. On the other hand, reclaiming 2,300 could shift momentum back toward higher targets between 2,500 and 2,700.