The ETH price remains under pressure after months of steady selling, but some traders believe the current weakness could create an opportunity if buyers manage to defend key support.
Crypto analyst Sjuul from AltCryptoGems believes Ethereum is still in a difficult position, but argues that periods like this have often produced attractive long-term entries. His attention is on the $1,800 area, where stronger buying interest could begin changing the broader picture.
What you'll learn 👉
The ETH Price Still Has Work to Do
We had a look at the ETH chart shared by Sjuul and noticed that the general trend is in favor of sellers. ETH was trading at around $2,460 in February but started to go down.
Thus, this correction has driven the ETH price to the $1,500-$1,800 price range, which makes the coin 27%-39% cheaper compared to the highs we can see on the chart. In comparison to its all-time high of $4,891 set back in November 2021, Ethereum is trading at 63%-69% lower prices.
The chart still demonstrates the continuation of lower highs and lows, meaning that each time ETH tries to recover, the attempts end up lower than previous resistance zones. The first area that should be defended by buyers is the $1,500 support zone.
Being able to hold above this level would give us hope for recovery towards $1,800. If the buyers manage to hold above the $1,800 zone, the next price level would be around $2,000. However, in case of a breakdown through $1,500, the following support zones could be $1,470, $1,440, $1,410, and $1,380.
Base Has Already Started Improving After Its Network Outage
Ethereum’s largest Layer-2 network, Base, has also been making important changes. The network paused block production for about two hours after a sequencer-related issue caused a temporary consensus failure.
Although no user funds were affected, decentralized applications, bridges, and wallets temporarily stopped processing new transactions until the network resumed operating normally. Shortly after that incident, Base activated its Beryl hard fork.
The upgrade introduces the B20 native token standard, shortens withdrawal times from seven days to five days for Base-to-Ethereum transfers, and integrates Reth V2 to reduce node storage requirements while improving execution efficiency. The outage placed extra pressure on Base’s infrastructure, and Beryl is the network’s first step toward improving reliability before future growth.
Read Also: Buying Bitcoin (BTC) and Ethereum (ETH) Right Now Could Be a Costly Mistake, Analysts Warn
Ethereum Still Has Several Long-Term Drivers
The charts remain weak, but Ethereum continues expanding its ecosystem. The Ethereum Foundation plans several protocol upgrades through 2029, targeting Layer-1 throughput above 10,000 transactions per second while allowing Layer-2 networks to process millions of transactions.
Institutional activity also continues growing. Ethereum now hosts more than 60% of the tokenized real-world asset market, valued at over $200 billion. Financial products tokenization carried out by firms such as BlackRock and Franklin Templeton is still being conducted via Ethereum.
Anchorage Digital is partnering with Lido, giving institutions the option of creating wrapped staked ETH via regulated custodians. The other interesting fact about Ethereum is that 33% of its circulating supply is currently being staked, which reduces the circulating ETH supply.
Can the ETH Price Recover?
The ETH price is in a broad downtrend but currently, the support level is still among the most important areas on the price chart. In case ETH buyers successfully defend the support level of $1,500 and rally above $1,800, the ETH price recovery may reach the resistance level at $2,000. On the other hand, if ETH fails to maintain support, lower levels come back into play.
Meanwhile, the Ethereum network continues evolving with protocol improvements, institution adoption, tokenization, and Layer-2. Those developments may provide stronger support if broader crypto sentiment begins improving later this year.
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