Ethereum's price action has been closely watched by investors and analysts as it approaches a critical sequence of resistance levels. At the time of writing, the price is trading at $2,118, just above the Fibonacci 0.618 level and below the SMA100. A break above these levels would confirm that the current recovery attempt is structural, but a rejection would suggest a temporary rebound.
Van de Poppe's macro argument suggests that the recent decline in Ethereum is not due to a failure of the protocol, but rather a mechanical response to a reversal in macro conditions. He believes that when bond yields compress, capital returns to DeFi infrastructure, including Ethereum, which has been lagging behind for years despite being foundational.
A clean break above the SMA100 on expanding volume would force sell orders and short positions to cover, adding buying pressure to any organic demand. However, a rejection at this level would confirm it as a ceiling that the current momentum cannot clear.