Ethereum price bounces off crucial support level around $1.880

The Ethereum price is showing a recovery move after a solid test of a crucial support level. At the time of writing, Ethereum is at $1.900, which represents an increase of 4.7% in the past 24 hours. Nevertheless, not everyone is immediately enthusiastic about the picture the chart paints.

Ethereum is available at OKX and Bybit.

Bounce at the right time

Analyst CryptoJelleNL shares a four-day chart of Ethereum that provides a clear picture of where the price currently stands. The price is bouncing exactly on the zone that has mattered for years: a wide support area around $1.550 to $1.700. That this level held again prevents what he describes as a “major breakdown”.

On the chart, two horizontal resistance levels are clearly visible: one around $2.100 and one around $4.100. Ethereum must convincingly break through both levels before the technical picture really looks good. That is quite a long way from the current level, and that makes the situation little exciting for many traders.

Five years of sideways movement

What CryptoJelleNL notices is that Ethereum has been trading in a wide range for more than five years. The coin peaked above $4.000 in early 2022, then dropped sharply, recovered towards the end of 2024 again to that region, and has now been in a downtrend for months. That prolonged lack of a clear direction makes Ethereum uninteresting as a trade in his eyes.

He honestly admits that he might miss a rally as a result, but he accepts that. For traders who have patience and believe in a breakout above $2.100 and eventually $4.100, Ethereum naturally remains on the radar. The bounce this weekend at least indicates that buyers take the support level seriously and are able to stop a further fall for now.