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Ethereum (ETH) is once again trading above the $2,000 mark after several days of struggle, offering a glimmer of hope for investors looking for a recovery. The second-largest cryptocurrency has faced intense selling pressure in recent weeks, losing over 38% of its value since late February. Panic spread through the market when ETH broke below the key $2,000 level and later plunged under $1,800 — a move that signaled weakness and raised fears of a deeper correction. Related Reading: Dogecoin Breaks Above Bullish Daily Pattern – Analyst Sees A Surge To $0.43 Despite the volatility, market sentiment is beginning to shift. Some investors now believe that the worst may be behind Ethereum, and a slow but steady recovery could be on the horizon. Supporting this narrative, on-chain data from Glassnode reveals that Ethereum has reclaimed its realized price at $2,040 — a level that reflects the average price at which all ETH in circulation last moved. This recovery of the realized price is often seen as a subtle but important bullish signal. It suggests that, on average, holders are back in profit, which may help reduce selling pressure and rebuild confidence in the market. For now, Ethereum’s ability to stay above $2,000 will be key to confirming a broader trend reversal. Ethereum Faces Pivotal Moment As Bulls Aim To Confirm Recovery Ethereum is beginning to show signs of life after weeks of uncertainty, but a decisive move is still needed to shift market sentiment. The $2,000 level, recently reclaimed, now acts as the key battleground for bulls attempting to ignite a meaningful recovery. As speculation builds around whether Ethereum will continue to trend higher or fall back into a broader correction, price action remains indecisive. Without strong conviction from buyers, the current bounce may fade quickly. To sustain any upward momentum, bulls must defend the $2,000 level with strength and consistency. A failure to hold this support could invite renewed selling pressure and invalidate early signs of recovery. For now, the price hovers in a critical range with no confirmed trend in either direction. Top analyst Ali Martinez shared an important on-chain signal on X, noting that Ethereum has successfully reclaimed its realized price at $2,040. This level reflects the average price at which ETH last moved on-chain and often serves as a pivot point for market sentiment. Martinez also pointed to $2,300 as the next significant resistance, with pricing bands suggesting heavy selling pressure at that level. Reclaiming $2,300 would mark a major technical breakthrough and potentially confirm a shift in trend. Until then, Ethereum remains in a fragile position, caught between renewed optimism and lingering caution. Bulls must step in with volume and follow-through to turn this early bounce into a full-fledged recovery rally. Related Reading: Ethereum Accumulation Is Almost Over – Breakout Above $2,200 Could Trigger Expansion Phase Technical Details: Price Struggles Below Key Averages Ethereum (ETH) is currently trading at $2,070, hovering just above the crucial $2,000 support level. Despite recent attempts to regain strength, ETH remains 5% below the 4-hour 200 moving average (MA) and 200 exponential moving average (EMA) — a sign that momentum is still tilted in favor of the bears. These technical indicators often act as dynamic resistance, and until bulls reclaim them, the path to recovery remains uncertain. For Ethereum to initiate a meaningful uptrend, reclaiming the $2,200 level is essential. A breakout above this zone would not only restore short-term bullish sentiment but also confirm a potential reversal from the recent downtrend. However, if ETH continues to struggle below the moving averages and fails to gain traction above $2,000, the risk of further downside increases significantly. Related Reading: Dogecoin Bollinger Bands Tighten On 12H Chart Hinting At Imminent Price Move – Insights A breakdown below $2,000 could trigger a sharper correction, with the next major support sitting around the $1,800 level — a zone that previously acted as a pivot during the February selloff. As market sentiment hangs in the balance, bulls must act quickly to defend key support and regain control of price action. Otherwise, Ethereum could face another leg down in the coming sessions. Featured image from Dall-E, chart from TradingView