Ethereum Reclaims $2,200, But Analyst Says It’s Not Time To Celebrate Yet – Here’s Why

Ethereum is currently retesting a significant resistance level for the first time this month, raising caution among market watchers. The cryptocurrency has been trading sideways between $1,800 and $2,200 for the past two months. While surpassing $2,150-$2,200 is a positive sign, analysts warn against misinterpreting it as the start of a bull run, citing past failures to hold this level. Some analysts suggest that new lows are expected between Q2 and Q3 2026, and that true gains will only come after Ethereum breaks above its macro downtrend resistance. Key levels to watch include $1,800, which serves as a crucial support line if Ethereum is forming an ascending triangle pattern. A hold above this could lead to a rally towards $4,900. Another indicator, the 0.80 MVRV Pricing Band near $1,880, has historically marked cycle bottoms. Conversely, Ethereum could be within a parallel channel, risking a correction to $1,150-$1,170. Significant buy-walls are identified near $2,079, $1,882, and lower at $1,584, $1,238, and $1,089. The Realized Price at $2,500 is highlighted as the "Start Engine" for a new rally, with a sustained break above it triggering a macro bull rally.