Ethereum is trading around $2,340 as April ends, having quietly achieved what it could not for much of the past six months: a breakout above the descending channel that defined its corrective move since October 2025. This breakout is still fresh, not yet confirmed on higher timeframes, and it is occurring just beneath the key $2,400 resistance zone.
That combination makes this setup one of the more noteworthy technical developments for ETH in the current cycle.
Ethereum Price Analysis: The Daily Chart
For the first time since the downtrend began, ETH has pushed above the upper rail of the descending channel that capped price action from the late 2025 peak through the February lows. The price sits slightly above the 100-day moving average, which has drifted down to about $2,200. Because the channel breakout and the 100-day MA recapture happened almost simultaneously, the current price area carries dual significance that earlier breakout attempts lacked. The RSI is hovering in the mid-50s to 60 range and has not yet confirmed the price rise with strong momentum, which is a cautionary sign to monitor.
The immediate overhead test remains the $2,400 horizontal supply zone, which has rejected ETH on multiple attempts since mid-March. A clean daily close above that level would represent the first meaningful structural shift of the cycle, opening the path toward the $2,800 resistance region where the 200-day moving average sits. To the downside, the reclaimed channel boundary and the 100-day MA near $2,200 form the first line of defense for bullish scenarios.
ETH/USDT 4-Hour Chart
On the 4-hour chart, the structure looks more constructive than on the daily timeframe. After testing $2,400 in mid-April, ETH formed a falling wedge — a tightening descending pattern with converging trendlines that often resolves to the upside following an impulsive move higher.
Price recently rebounded from the wedge’s lower boundary around $2,250, while the RSI recovered above 50, suggesting a likely retest of the pattern’s upper boundary and the $2,400 supply zone. If the wedge breaks to the upside, the measured target points toward the next resistance zone near $2,700–$2,800.
Conversely, a decisive decline and daily close below the wedge would invalidate the pattern and refocus attention on lower support areas around $2,000 and $1,800.
On-Chain Analysis
The 30-day moving average of the Taker Buy/Sell Ratio across exchanges has climbed to roughly 1.02, its highest level in the available dataset since late 2023. Both the raw ratio and its 30-day SMA are rising together as price approaches the $2,400 resistance zone. Historically, readings above 1.0 have correlated with sustained bullish momentum, which is an encouraging short-term signal.
This indicator could reflect aggressive taker buying that helps push ETH through the $2,400 zone and trigger a breakout, or it could indicate stretched short-term demand that fades if $2,400 rejects price again. Either way, it is the most bullish derivatives sentiment reading for ETH this cycle, and it warrants attention from traders and analysts.