Ethereum's price is currently a topic of debate among analysts, with some warning that a potential Q2 recovery may be uncertain. According to data from CoinGecko, the asset is trading around $2,216, having slipped 0.80% in the last 24 hours.
However, the weekly chart tells a different story, showing an 8.74% gain over the same period. This has led some analysts to suggest that Ethereum may be due for a breakout above the current resistance zone of $2,400.
Crypto analyst CyrilXBT noted that ETH closed near its lows after dropping 3.21% in one session, and emphasized the importance of holding above the critical support zone of $2,000. The analyst also pointed out that the 200-day EMA sits at $2,671, a level that is currently out of reach.
On the other hand, crypto trader DaanCrypto noted that Q1 and Q2 are historically the two best quarters for Ethereum, with ETH closing in the green 8 out of 10 times during this period. However, the trader cautioned against blindly following historical trends, emphasizing that macro conditions and broader market sentiment will play a significant role in determining Ethereum's price action.