Ethereum (ETH) price showed early signs of recovery after rebounding from recent lows near $1,550.

Investors are closely watching if ETH can break and hold above $2,200 to confirm a stronger bullish trend and sustain a rally.

Ethereum (ETH) price showed early signs of recovery after rebounding from recent lows around $1,550. As a result, investors were closely watching if ETH can break and hold above $2,200 to confirm a stronger bullish trend and sustain a rally.

When writing, Ethereum price was currently trading around $1,801.37 after a sharp rebound from the $1,550-$1,670 zone. This price area has acted as a strong support, where ETH bounced multiple times, indicating firm buying interest.

According to Ben Shapespear, market structure broke at $1,800. A daily candle close above this level could be a key factor in shifting the balance in favor of the bulls.

The price broke above the important resistance zone between $1,700 and $1,800. A daily close above $1,800 could mark a change in market structure.

Crypto analyst Ali charts noted on X, "Ethereum price needs to secure a daily close above $1,950 to trigger a buy signal from the SuperTrend indicator."

Another interesting tidbit is that large transaction activity saw a huge uptick in early February and April, where the count of transactions greater than $100,000 reached 10,000 to 16,000 per day during those periods.

Following these spikes, transaction volume stabilized between 4,000 and 8,000 transactions daily. This pattern was commonly observed by researchers at CCCoinsights, who specialized in analyzing blockchain data and large transactions. They interpreted this behavior as a period of consolidation by large holders, buying at higher prices to average up or selling at lower prices to reduce their positions.

Another noticeable spike in large transactions occurred in early April, which coincided with a short-lived rally. This trend suggested that whales could be accumulating ETH at lower prices, which could provide a strong foundation for future moves.

Moreover, technical indicators showed mixed but slightly positive signals at press time. Ethereum’s short-term exponential moving averages (EMAs), likely the 9 and 21 periods, made a bullish crossover. This crossover often leads to upward price movements when supported by volume.

Key Ethereum Price Levels to Watch: $1,950 and $2,200 Resistance

The next upside target for Ethereum price is around $1,950, followed by $2,300 if bullish momentum strengthens. According to crypto trader @MarzellCrypto, "Ethereum needs to close a daily candle above the orange zone at $2,200 to confirm the continuation of the bullish trend."

If ETH fails to secure a close above $1,800, traders might revisit lower supports at $1,700, $1,650, or even $1,620. On the other hand, breaking above $2,200 would likely open the path toward higher resistance levels such as $2,300 and $2,700.

Volume levels remained steady without signs of aggressive sell-offs, which supported the idea of price consolidation rather than heavy distribution. This observation was in line with Shapespear’s analysis, who noted that a decisive move above $2,200 could draw new buyers, leading to increased volatility and a potential rally.

Short-Term Risks Remain as Indicators Give Mixed Signals

Despite the decline, the hourly MACD pointed out that bearish pressure is fading away. However, the RSI index stayed below the centreline of 50. Ethereum price also traded just under its 100-hour simple moving average, another critical level for near-term trend confirmation.

According to Shapespear, sloppy price action around the $1,750 resistance, combined with rising sell volume, could trigger short-term weakness.

If ETH fails to hold the $1,750 support level, traders might witness a further dip to $1,700 or $1,650. Hence, sustaining the support levels and overcoming the key resistances are the critical preconditions for further growth.

Therefore, the trend of Ethereum price change during the next few days will be crucial for the cryptocurrency. A daily close above $2,200 can indicate an upside breakout and signal the next rally towards the $2,300 levels and beyond.