On April 13th, Ether breached the critical support level of $3,056; however, the bears failed to capitalize on this breakdown. The bulls swiftly regained control, propelling the price back above $3,056 on April 14th. In USD terms, Ethereum’s price has more than doubled since transitioning to proof-of-stake in September 2022, reflecting significant growth and confidence in the network’s sustainability and scalability. However, when viewed in Bitcoin terms, the ETH/BTC pair tells a different story, indicating a decline of approximately 33% since the Merge. This discrepancy underscores the importance of considering multiple perspectives when evaluating Ethereum’s performance and market dynamics.
At the time of writing, ETH was trading at $3,071.
ETH after making the recent high of $4,093 witnessed a sharp correction and the prices fell almost by 25% and dropped to $3,056. Post this move the asset started consolidating in a range from $3,520 to $3,700. ETH has given a breakout below the range and made the weekly low of $2,852. However, the asset has not given a daily closing below the key support level of $3,000. If it holds and sustains above the support of $3,000 then we may expect the bulls to resume the up-move whereas if it closes below $3,000 then we may expect further downfall.
| Support 2 | Support 1 | Asset | Resistance 1 | Resistance 2 |
| $2750 | $3000 | ETH | $3700 | $4150 |
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