Ethereum Struggles Below $2K as Realized Price Limits Short-Term Recovery

Ethereum (ETH) flashed a bullish engulfing candle on April 23, fueling hopes of a breakout. However, weeks later, the price stagnates near the same range, failing to reclaim the key psychological level at $2,000.

A successful breakout above that barrier could have propelled ETH toward $2,500. However, with momentum stalling, this analysis unpacks the factors weighing Ethereum’s price and what could spark its next major move.

Ethereum Still Below Key On-Chain Support

Since April 24, Ethereum’s price has been consolidating between $1,749 and $1,855 due to low buying pressure.

But besides low demand, one on-chain metric that has kept ETH below $2,000 is the Realized Price. The Ethereum Realized Price represents the average price at which all ETH in circulation last moved.

Think of it as the true on-chain cost basis of ETH, a psychological support. Typically, when the price is above the Realized Price, the trend is bullish unless in extremely overheated conditions.

A decline below the metric sometimes marks the bottom, but when it lingers, it indicates a bearish trend. According to Glassnode, Ethereum’s Realized Price is $1,972, which has exceeded the crypto’s market value since March 26.

Confirming upward momentum could become increasingly complex if ETH’s price remains below this threshold.

Sellers Over Buyers

Another indicator reinforcing this price trend is the Taker Buy/Sell Ratio, which tracks the aggressiveness of buyers versus sellers in the derivatives market.

Spikes above a ratio of 1 indicate that buyers are more aggressive, suggesting potential price appreciation. On the other hand, a decline below 1 signifies that sellers are more assertive, and downward pressure could be next.

As of this writing, ETH’s Taker Buy/Sell Ratio stands at 0.96, indicating a dominant bearish sentiment. Ethereum’s price consolidation might extend this week and, if it continues, go beyond this trend.

Meanwhile, some analysts argue that Ethereum’s sideways movement is not necessarily bearish. For example, analyst Carmelo Alemán pointed to the Realized Price by Accumulating Addresses metric, noting that ETH accumulation has grown by 22.54% since March 10.

According to Alemán, this rising conviction among holders signals the potential for short-term price appreciation.

“Their On-Chain behavior reflects structural conviction and clear expectations of short-term appreciation—aligned with Ethereum’s broader evolution,” Alemán stated .

ETH Price Analysis: Resistance Close

Despite ETH’s sideways movement, it has been hitting higher lows and highs for the past few days. However, the Supertrend indicator reveals that it might struggle to keep up with this trend.

Typically, when the green line of the Supertrend is below the price, the trend is bullish. But in this case, the red line is above Ethereum’s price and also below the Realized Price, indicating strong overhead resistance.

Should this remain the same, Ethereum’s price might struggle to breach the 0.236 Fibonacci level at $2,045. In that case, ETH might keep consolidating between $1,700 and $1,900.

However, in a highly bearish case, ETH might drop to $1,408 if selling pressure increases. But if buying volume takes over, this decline might not happen.

In that scenario, the coin’s market value could jump past the resistance at $2,045, increasing ETH’s price to $2,440.

Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.

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