ETH Enters Q2 Still Giving $2.4k the Stare It Can't Quite Break

Ethereum is kicking off Q2 2026 north of $2.1k, which sounds better than it actually feels—kind of like getting a participation trophy for "most depressed asset of Q1." After a quarter that saw $ETH shed roughly a third of its value from late-2025 highs, the million-dollar question (or rather, the two-thousand-dollar question) is whether ETH can finally build a floor or if sellers have more room to work with. Spoiler: the floor isn't exactly rushing to meet it.

The daily chart continues to look like a staircase going down—specifically, one of those endless airport moving walkways that somehow makes walking harder, not easier. $ETH keeps printing lower highs below a declining 100-day MA (~$2.4k) and 200-day MA (~$3k), showing all the upward momentum of a student loan balance. The $2.4k zone has now firmly rejected the asset post-February lows, solidifying it as the key supply level bulls must crack before anyone gets excited. On the support side, $1.8k remains the critical floor—it held during February's capitulation event and has been probed again since without closing below. Below that, $1.5k is the next area of interest, because apparently $ETH enjoys having backup support levels like a procrastinator has backup excuses.

The daily RSI sitting around mid-50s tells us things have stabilized somewhat, but stabilization isn't the same as a trend change. It's like being told your portfolio has "stopped bleeding"—technically true, still concerning. So yes, a sustained daily close above $2.4k is still the bare minimum for bulls to even start making noise.

Short-term, $ETH has been trapped in a falling wedge since mid-March's $2.4k rejection—a pattern that typically resolves to the upside, if markets ever actually did what textbooks promised. Price recently broke above the pattern's upper boundary and is now hovering above $1.8k like a deflated balloon that refuses to pop but also refuses to soar. The 4-hour RSI has pushed into low-70s—highest reading since the March peak—which suggests some short-term upside momentum remains. This sets up a likely retest of the $2.3k–$2.4k resistance zone, a level that's already rejected $ETH once recently and seems pretty content to do it again. A clean break above would be a constructive signal for the mid-term outlook. Failure to maintain momentum, however, likely sends price back toward the $1.8k support zone, where the floor apparently lives but never answers the door.

On the on-chain front, Ethereum's exchange reserve has dropped to approximately 14.9M $ETH—the lowest reading over the past year. The decline from mid-2025 highs