Bulls Target $2,000 Level After Bounce From $1,780 Support

TLDR

ETH is showing signs of recovery after weeks of selling pressure, currently trading around $1,831
Bulls need to break above the $1,850-$2,000 range to confirm a meaningful shift in market structure
ETH/BTC ratio has reached its lowest volatility level in over two years, often preceding sharp directional moves
Technical indicators suggest momentum is building but not yet confirmed
Ethereum remains over 55% down from December highs, with critical support near $1,780-$1,750

Ethereum has begun showing fresh signs of life after enduring weeks of heavy selling pressure. The second-largest cryptocurrency is attempting to reclaim critical price levels as bulls step back into the market following months of persistent negative sentiment.

ETH is currently trading at $1,831, showing modest strength after bouncing from recent support near $1,780. The asset has started a fresh recovery wave above the $1,820 resistance level.

Price action on the 4-hour chart shows ETH attempting to establish a higher low and reclaim bullish momentum. However, it still faces stiff resistance below the key $1,874 high from May 1st.

Ethereum is consolidating just above the 200-period exponential moving average at $1,787 and the 200-period simple moving average at $1,699. These levels have served as dynamic support and resistance zones throughout recent trading sessions.

Despite the renewed momentum, ETH still trades below the psychologically important $2,000 mark. This level must be breached to confirm a meaningful shift in market structure and set the stage for a sustained recovery.

Critical Technical Levels

The bulls were able to push the price above the 50% Fibonacci retracement level of the downward move from the $1,872 swing high to the $1,752 low. There is also a connecting bullish trend line forming with support at $1,810 on the hourly chart.

On the upside, Ethereum faces hurdles near the $1,840 level and the 76.4% Fibonacci retracement level of the recent downward move. The next key resistance stands at $1,850.

If this level is cleared, the first major resistance appears near $1,920. A decisive move above this threshold might send the price toward $1,950, potentially opening the door to test the $2,000 resistance zone.

Failure to hold above the $1,780–$1,750 region would likely invalidate the bullish structure and open the door for further downside. The next key support sits at $1,665.

Market Structure and Volatility

Adding an interesting dimension to Ethereum’s current price action is the ETH/BTC ratio, which has reached its lowest volatility level in more than two years. According to analyst Daan, this metric has been in a prolonged downtrend but has now stalled for over a month.

Historically, such low-volatility periods often precede sharp directional moves as the market builds pressure. This compression typically resolves in a breakout or breakdown as volatility returns to the market.

While the ETH/BTC ratio has been in a long-term downtrend, its recent stagnation suggests that a pivotal move could be approaching. However, the low timeframe trend has not yet flipped decisively bullish.

The sideways action highlights market indecision as ETH struggles to break free from its range. Volume remains muted during this consolidation phase.

Technical indicators show momentum is building, but a confirmed shift in trend requires ETH to reclaim the $1,900–$2,000 range. Until then, the broader bearish trend remains in play.

With Ethereum still down more than 55% from its December highs, the bearish price structure remains intact. Any further weakness could trigger deeper downside.

The hourly MACD for ETH/USD is gaining momentum in the bullish zone, while the RSI has moved above the 50 zone, providing some technical support for bulls.

The coming days will be crucial as ETH tests resistance levels. A confirmed breakout above $2,000 could signal that Ethereum’s next leg higher is about to begin.

For now, Ethereum remains in a critical zone where both bulls and bears have legitimate cases, making the next few sessions pivotal in determining whether the recovery continues or the downtrend resumes.