4k resistance zone that has now rejected the price on multiple occasions. With the Coinbase Premium Index turning negative precisely as the asset stalled at resistance, the question entering the new month is whether US institutional demand has genuinely returned, or simply made a brief appearance before retreating again. The ascending white channel from the February low remains the dominant structure on the daily chart, with its lower boundary tracking near $2k and continuing to provide the foundation for every pullback since March.
2k, which has now turned into a dynamic support. The RSI has also faded from its mid-April peaks near to roughly 50, mirroring the pattern seen across the broader market as the April recovery momentum runs out of steam. The structural picture has not broken down, but it has not progressed either.
8k area and the 200-day moving average nearby. 8k demand zone back into active consideration. 4k is now in its final stages of compression, with the converging trendlines squeezing price into a decision zone right at current levels.
ETH is sitting near the wedge’s lower boundary after a bounce from it, and the RSI on this timeframe has recovered modestly from its recent lows to 50, which indicates a reset in short-term momentum. 2k sits just below as the next meaningful floor if the wedge breaks to the downside. 8k as the measured move.
03 as May opens. The timing is not coincidental. 4k resistance zone again.
US institutional demand appeared at the lows and faded at resistance, which suggests a market being accumulated cautiously, not one where conviction buyers are stepping in to force a breakout. The broader context amplifies this reading. US investors are navigating a difficult macro environment entering May, with ongoing tariff policy uncertainty, the Federal Reserve maintaining a restrictive stance, and equity markets exhibiting the kind of intermittent volatility that historically drives institutional capital away from high-beta risk assets like ETH.
4k and a more profound recovery in the coming weeks.
