• Ethereum is down 49.46% over the year, while Bitcoin gained 18.27% in comparison.
• Analysts say ETH must reclaim $2,100 and $2,300 to confirm a bullish reversal.
• ETH supply on exchanges dropped from 30M to 18.2M, signaling scarcity.

Ethereum has been struggling to keep up with its rivals, leaving many holders frustrated. Unlike Bitcoin, which has gained 18.27% over the past year, Ethereum is still down by a staggering 49.46%. However, some analysts believe a turnaround may be on the horizon—if certain key levels are reclaimed.

On March 31, crypto analyst Ali Martinez pointed out two critical resistance levels that Ethereum must break through to signal a true bullish reversal. “Ethereum $ETH needs to reclaim $2,100, and more decisively, $2,300, to confirm a bullish trend reversal. These are the levels to watch!” Martinez wrote. His analysis suggests that without these breakthroughs, ETH’s recent struggles could persist.

Ethereum last reached the $2,100 mark on March 9 but quickly dropped to $1,754 the same day, marking its lowest price in over a year. For ETH to build momentum, surpassing $2,300 is even more crucial. If this happens, bulls could take control and drive the price toward new highs.

Ethereum’s daily chart is flashing some bullish signals that traders are keeping a close eye on. Crypto trader Merlijn The Trade shared an optimistic perspective, pointing out a bullish divergence in ETH’s RSI. This technical pattern occurs when the RSI forms higher lows while the price continues to dip, suggesting that selling pressure is weakening.

For traders, RSI bullish divergence is often an early indicator of a potential trend reversal. In ETH’s case, the divergence suggests that a price recovery could be coming sooner than many expect. Merlijn also referenced a two-week ETH chart, showing that since early 2024, Ethereum has repeatedly bounced from key support levels—sometimes leading to gains of 66% and even 90%.

Now, ETH has once again hit this historically significant level, raising speculation about another strong rally. If history repeats itself, traders could see a sizable upside in the coming weeks.

Beyond technical patterns, Ethereum’s exchange reserves are also showing an intriguing trend. Analyst CryptoGoos highlighted that the total ETH supply on exchanges has plummeted from around 30 million in early 2022 to just 18.2 million by March 2025. This steady decline suggests that investors are moving their ETH into private wallets, reducing available supply on trading platforms.

A lower exchange reserve often signals reduced selling pressure. If demand suddenly spikes, this could trigger a supply squeeze, making Ethereum more scarce and potentially driving prices up. CryptoGoos summarized the moment by stating, “There isn’t enough Ethereum for everyone… the supply shock is loading.” This pattern has historically preceded strong price rallies, making it a development worth watching.

While many analysts are bullish on Ethereum’s future, not everyone is convinced. Altcoin analyst Rookie shared a more bearish outlook, predicting that ETH will drop to $1,200 by June 2025 before eventually reaching new all-time highs. If this scenario plays out, short-term pain could come before long-term gains.

As of now, ETH is trading at $1,861, up 2.05% in the past 24 hours.

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