Ethereum (ETH), the second-largest cryptocurrency by market capitalization, is struggling while the altcoin market is showing signs of recovery. After a sharp drop to $1,380 in April 2025, triggered by global trade wars and US tariff policies, ETH has risen 10% to $1,795 as of April 23, but remains vulnerable to volatility. Analysts note that Ethereum is lagging behind the overall market rally, where assets such as Fartcoin and Hyperliquid have shown gains of 19% and 17%, respectively.
Key technical levels for ETH include support at $1504 and $1278, while resistance is located at $2100. A break above the 200-period moving average ($1751) on the 4-hour chart signals a possible continuation of the recovery, but macroeconomic instability, particularly due to Trump's tariffs, is dampening optimism.
The Pectra upgrade in May 2025 is expected to be a catalyst for ETH, increasing network efficiency. However, competition from L1 blockchains such as Solana and capital outflows to L2 solutions are weakening Ethereum’s position.
Investors remain cautious: if the support at $1504 fails, ETH could fall to $1000. However, stability above $2243 could launch the altcoin season, strengthening Ethereum's position.