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Ethereum price reclaimed $2,040 as it eyes a $2,300 breakout. RWA sector surged 230%, and rare support at the 300-week MA signals potential bounce toward $2,900.
ETH Reclaims $2,040 as Liquidation Pressure Builds
Ethereum price is once again testing resistance at $2,300 after reclaiming its realized price near $2,040.
The move follows a steep rebound from $1,500 in early March. Trading volumes remain flat, but open interest in ETH futures has steadily increased since the Federal Open Market Committee (FOMC) meeting.
Data from Ali Martinez confirms ETH now faces strong resistance at $2,300.
Liquidation maps show high sell pressure around that level, indicating cautious trader sentiment despite growing bullish calls.
Ethereum’s MACD printed its highest reading since Nov. 2024, signaling strength in the current rally.
Legendary Bounce Pattern Sparks Talk of Bullrun
Speculation around Ethereum’s mid-term trajectory gained traction after CryptoBullet highlighted a rare technical signal.
According to a post on X, ETH recently touched its 300-week moving average. This has occurred only twice before—once in June 2022, marking the bear market bottom.
CryptoBullet wrote, “Even if you’re a bear, you can’t deny that we hit a very important support level.” The analyst expects ETH to bounce to $2,900–$3,200.
Merlijn The Trader echoed similar optimism, referencing a classic 1-2-3 bounce pattern. “Last time? 3600% gains,” the post claimed.
ETH Network Activity and RWA Sector Show Strength
Ethereum has been the second-best performer among top five cryptocurrencies this past week. ETH gained 9.3%, outpaced only by Solana (SOL), which rose 18.5%.
Despite recent market weakness, ETH’s on-chain data reveals rising network engagement.
Artemis states Ethereum’s stablecoin balance surged 61.5% in 12 months, reaching $129.4 billion. Even during the past 90-day downturn, stablecoin balances climbed 14.9%.
Daily active addresses also spiked after the FOMC meeting, from 346,000 to 361,000 based on the 7-day moving average.
Meanwhile, Ethereum’s real-world asset (RWA) sector has posted a 230% rise. The RWA market cap now sits at $19 billion, adding weight to the broader narrative of network growth.
Ethereum Price Sentiment Split Between Smart Money and Crowd
Despite the bullish trend, trader sentiment remains mixed. Data suggests a divergence between retail optimism and more cautious institutional positioning.
Smart money appears to be gradually rotating back into ETH, but retail traders remain overly euphoric.
An X post from Money Guru Digital compared ETH’s current structure to Bitcoin’s (BTC) 2021 bull run.
“Is $ETH about to have an EPIC big bull run?” the post asked. While short-term euphoria may fuel price surges, analysts advise watching resistance zones closely.
Ethereum price attempt to break above $2,300 could determine its next directional move.
While long-term metrics and technical signals favor a breakout, short-term liquidation risks remain elevated.
