Ethereum (ETH) is trading near $2,048, having rebounded 17% from last week's low of $1,748, though it remains down 34% on the monthly chart. The recent volatility is attributed to market-wide sell-offs, with trading volumes dropping 39% to below $21 billion.
AI models from ChatGPT, Claude, Perplexity, and Grok, alongside technical analysts, are highlighting $2,000 as a critical support level for the token this week. Predictions suggest a potential range-bound scenario between $2,000 and $2,300, with the possibility of rebounds. The short-term direction is being influenced by macro pressures, ETF outflows, and correlation with Bitcoin (BTC).
Meanwhile, the prolonged period of sideways trading has revived discussions of a potential "supercycle" for Ethereum. Analyst Bitcoinsensus shared a chart comparing the current structure to historical cycle bases, where extended consolidation phases were followed by sharp upside expansions. The chart argues the current range could be building a floor for a significant future move, though a confirmed breakout requires ETH to decisively leave its long-term trading band on strong weekly closes.
On a shorter timeframe, Ethereum is testing a descending trendline. Analyst More Crypto Online identifies a tightened micro support zone between $2,000 and $2,075. As long as price holds above this zone, the recovery rally remains intact. The chart outlines lower support bands extending into the high-$1,800s, with key levels near $1,932, $1,886, and $1,822, which would come into play if the $2,000 support fails.
