Ethereum Hits Key Resistance Line Will Bulls Break Through or Face Rejection

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The Ethereum network has gradually improved in the past few years to remain competitive via its L2.

ETH price has yet to invalidate the multi-week falling trend experienced in Q1.

The negotiations of the global trade wars have not spared the wider crypto market, amid an ongoing capital flight to the Gold market. The significant adoption of digital assets by institutional investors and nation-states has significantly complicated the 2024/2025 cryptocurrency bull cycle.

On Wednesday, Federal Reserve Chairman Jerome Powell noted that markets will record continued volatility, amid ongoing decoupling between the United States and China.

Ethereum Network Ready for Bullish Sentiment

According to market data from Santiment, Ethereum’s average network fees have dropped to a five-year low of about $0.168. Interestingly, the Ethereum network recorded earlier on Wednesday the cheapest daily cost of transactions since May 2, 2020.

The Ethereum network has experienced significant competition from other upcoming layer one (L1) blockchains led by Solana (SOL) in the past few years. However, the Ethereum core developers, led by Vitalik Buterin, have made significant network upgrades to ensure competitiveness ahead.

Since 2021, the Ethereum network has experienced a series of major upgrades, led by the London hard fork (EIP-1559), the Merge, the Dencun in 2024, and recently Pectra upgrade. As a result, the Ethereum network has become increasingly usable

Key Ether Price Targets to Monitor

After being trapped in a falling trend since early December 2024, Ethereum’s price has potentially hit the bottom, based on historical trends. According to crypto analyst Benjamin Cowen, Ether’s price, against the U.S. dollar, has been following a similar fractal pattern to the 2020/2021 bull cycle.

$1,528.50 is a key support level for #Ethereum, where 2.61 million addresses accumulated over 4.82 million $ETH, as shown by on-chain data from @intotheblock. pic.twitter.com/HRnfADqqcR

— Ali (@ali_charts) April 16, 2025

Market data from Santiment shows Ethereum price has established a robust support level about $1,528, where 2.61 million addresses accumulated over 4.82 million Ether.

With the gradual recovery of Ethereum Open Futures (OI) amid notable decline in Ether YTD, a potential rebound towards $2.1k is more likely to happen.