Ethereum's Recovery Efforts Face Resistance Amid Macro Headwinds

Ethereum's recent price action suggests a mixed outlook for the cryptocurrency, with it trading near $2,100 at the close of Q1 2026. While this represents a recovery from its late-2025 lows, the market remains under pressure due to a combination of macroeconomic headwinds and weak performance among altcoins.

The daily chart shows a descending channel that has defined Ethereum's price action since late 2025, with both the 100-day and 200-day moving averages declining above the current price. This compressing wall of resistance has rejected every meaningful recovery attempt since December last year, making it challenging for ETH to build conviction in its rebound.

The $2,300-$2,400 supply zone has proven particularly stubborn, with the price being rejected sharply after pushing into it in mid-March. The $1,800 support level remains a crucial line of defense against further declines, and if broken could lead to significant losses for investors.