On Monday, Ethereum (ETH) recovered the $2,000 support, fueled by the market\u2019s recovery. After hitting a two-week high of $2,104, an analyst noted that the cryptocurrency could end March positively.<\/p>\n
In the past 24 hours, Ethereum surged 6.2% from the $1,980 mark to $2,104. The start-of-week recovery made ETH retest the $2,100 resistance for the first time in a week and near its crucial price range.<\/p>\n
Amid the recent performance, Rekt Capital noted<\/a> that the cryptocurrency\u2019s price action is \u201cnot that far away\u201d from turning the downside deviation into a downside wick in the monthly timeframe.<\/p>\n ETH dropped below the $2,196-$3,900 range on March 9, plunging<\/a> to $1,750 in the following days, its lowest level since November 2023. After retesting a historical demand arena, \u201cEthereum is now only +5% away from positioning itself for a reclaim of its Macro Range,\u201d the analyst explained.<\/p>\n Reclaiming this level before March closes would see \u201cthis entire sub-$2,200 downside end up as a downside wick.\u201d Moreover, CoinGlass data shows Ethereum\u2019s current price action is 6.8% away from turning March green.<\/p>\n The cryptocurrency opened the month at $2,237, and a close above this level<\/a> could end its three-month bleeding streak. However, if it fails to close March with positive returns, ETH could experience four months of red for the first time since 2018.<\/p>\n The \u201cKing of Altcoins\u201d has seen its worst Q1 in seven years, currently down 37.46% from its 2025 opening. Nonetheless, Ethereum has historically seen a bullish Q2, only closing the second quarter in red on two occasions.<\/p>\n A recovery of ETH\u2019s Macro Range lows could see the cryptocurrency climb back to the range\u2019s highs in the coming three months.<\/p>\n Analyst Ali Martinez pointed<\/a> out the key levels to watch, suggesting that Ethereum\u2019s most crucial support zone is between $1,886 and $1.944, where more than 3 million investors bought around 6.12 million ETH.<\/p>\n Meanwhile, its most significant resistance is between $2,250 and $2,610, where 12.28 million addresses accumulated 65 million ETH.<\/p>\n He added that \u201ca decisive break above this area would negate the bearish outlook.\u201d Similarly, Crypto Jelle highlighted<\/a> that ETH is attempting to reclaim the key $2,200 resistance, which could fuel a \u201cmonster deviation\u201d if recovered.<\/p>\n Analyst Ted Pillows suggested that Ethereum\u2019s manipulation phase \u201cis almost over.\u201d Previously, the analyst asserted<\/a> that ETH\u2019s chart displayed a Power of Three (Po3) pattern in the making, signaling that the cryptocurrency is in the manipulation phase.<\/p>\nCan ETH Recover 2,200?<\/h2>\n