The cryptocurrency market recovered strongly over the last day. Ethereum (ETH) prices jumped close to $2,400 before falling back down following news of an attack on a US Navy ship reportedly carried out by Iran.
However, sellers stepped in and the price dropped in recent hours. Some analysts believe it might fall even further.
What’s Next?
Okay, so right now Ethereum is trading around $2,350, which is up about 1% for the day. I was reading Ali Martinez’s analysis, and he pointed out that earlier today the price hit $2,375 – a key level to watch because it seems to be acting as a pretty strong resistance point. Basically, it might have trouble breaking through that price for now.
He pointed out that in the past, when the price reached this level, it often led to a drop, causing ETH to fall back down to the lower end of its trading range for support.
According to Martinez, if the price doesn’t break through this current resistance, it could fall back down to around $2,210.
Despite the challenges, he also offered a hopeful outlook. He believes that if Ethereum (ETH) can close a day above $2,375, it could potentially increase by 7% to reach a new high of $2,550.
Both CRYPTOWZRD and CryptoMark discussed the possibility of Bitcoin rising above $2,400, which CRYPTOWZRD believes would be a good time to buy. They identified $2,270 as a price level that could prevent further declines.
According to one analyst, Ethereum (ETH) has formed a bullish “Cup and Handle” pattern, suggesting a potential price increase. They predict a breakout could happen soon, potentially pushing the price to $2,850 – a level it hasn’t reached since January.
The Whales and More
Recent activity from big investors suggests Ethereum’s price could continue to rise. As CryptoPotato reported, these large investors, often called ‘whales,’ bought around 140,000 ETH – worth nearly $330 million – in just four days.
When an asset steadily accumulates, it’s generally considered a positive sign. This is because it suggests less immediate selling, indicates confidence from major investors, and can attract more individual investors to buy in as well.
As a researcher, I’ve been closely watching the spot Ethereum ETFs, and April showed a really encouraging sign – they finally saw positive inflows, bringing in over $350 million after five months of net outflows. The momentum continued at the start of May with a significant surge in investment, but it’s still too early to tell if this institutional interest will hold steady over the next month.
Historically, this month has generally been very positive for Ethereum, the second-largest cryptocurrency, with it only finishing in the red three times. Importantly, two of those negative finishes happened during the major downturns in 2018 and 2022, meaning Ethereum is facing a potentially critical moment again.
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2026-05-04 15:06