6 min readEthereum is showing signs of life for the first time this year. After months of weakness, ETF flows are returning, on-chain activity is breaking records, and price is pushing back towards a key resistance zone. The question now is whether this momentum can carry price through the critical $2,500 resistance and potentially confirm a broader shift in market structure.
Key takeaways:
- Ethereum is trading around $2,320 as momentum returns to the crypto market
- Spot Ethereum ETFs posted seven consecutive sessions of net inflows through 17 April, with $127 million flowing in on that day alone
- On-chain activity hit record highs in Q1, with 200.4 million transactions and stablecoin supply reaching $180 billion on the network
- The key resistance to watch on the weekly chart is $2,500, with support at $1,800 to $2,000
A shift in momentum
Ethereum has spent most of 2026 in a downtrend, with price slipping from around $3,500 at the start of the year to a low near $1,750 in February. Sentiment deteriorated alongside the broader risk-off environment, and ETH ETFs saw persistent outflows for much of Q1.
That picture has started to change. Spot Ethereum ETFs have posted a steady run of net inflows, with the week ending 17 April marking seven consecutive sessions of positive flows and cumulative Q1 flows now at $11.94 billion. On-chain fundamentals are also at their strongest in years. Q1 2026 was the busiest quarter ever on the Ethereum network, with transactions surpassing 200 million for the first time and new users rising 82% quarter-on-quarter to 284,000. Stablecoin supply on Ethereum has reached a record $180 billion, underscoring the network’s role as the primary settlement layer for tokenised dollars.
Whether this momentum can translate into a durable price recovery now comes down to how ETH handles its next resistance test.
Weekly chart analysis
On the weekly timeframe, Ethereum is holding above a high-time-frame support zone between $1,800 and $2,000, an area that has acted as a floor on multiple occasions over the past two years. As long as price holds above this zone, the recovery thesis could remain intact.
Currently, price is trading around $2,320 and approaching a confluence of the weekly 20 EMA and 200 SMA around the $2,450 area. This sits just below the critical $2,500 resistance zone, which has so far capped recovery attempts.
A reclaim of $2,500 on a weekly closing basis could be a significant development. It could open the path towards the next major resistance at $2,800 and potentially mark a high-time-frame break in market structure, shifting the primary trend from down to up.
The likely catalyst for this scenario sits in Bitcoin. If BTC can reclaim the $80K to $85K region, Ethereum could have a realistic path to break above $2,500 alongside it.
Daily chart analysis
Zooming in to the daily timeframe, Ethereum attempted a break above the $2,400 area but is now pulling back and testing the daily 20 EMA. Importantly, the 20 EMA has just crossed above the 50 EMA for the first time since January, an early sign that short-term momentum could be shifting.
Volume has been picking up on the recent move higher, though the increase is modest rather than a decisive spike. The Accumulation/Distribution line is largely flat, suggesting that the move so far has not yet attracted meaningful institutional-sized buying. The daily RSI, however, is now trading in its bullish range, which is consistent with improving momentum.
Above current price, the daily 200 SMA sits around $2,800, adding confluence with the same high-time-frame resistance zone identified on the weekly chart. A clean reclaim of the minor resistance at $2,350 could open the door to a retest of the $2,600 to $2,800 region.
On the downside, the key level to watch is the band around $2,200 to $2,260, where the daily 50 EMA sits. A loss of this area could invalidate the short-term bullish setup and potentially send price back towards the $1,800 to $2,000 weekly support.
What to watch
- The $2,500 resistance zone on the weekly chart. A weekly close above this level could mark a high-time-frame break in market structure
- Bitcoin’s reaction around the $80K to $85K region. Ethereum’s path higher is closely tied to a potential BTC breakout
- Spot Ethereum ETF flows continuing their recent inflow streak, as a reversal to outflows could stall the current momentum
- The $2,200 to $2,260 support zone on the daily. Holding this level could keep the short-term bullish setup intact
Trading involves risk.
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