Crypto Analyzen
Ethereum continues to trade within a historically wide structural range that has defined its long-term behavior for years.
ATL was printed in 2018 at 81.79. The first major ATH was printed in 2021 at 4,868.00. In 2025, price marginally exceeded that high, reaching 4,956.78. At first glance, this might appear to be a confirmed breakout.
However, when we ignore extreme wick extensions and focus on candle bodies, price still appears to be operating within the broader boundaries of the 2021 range. In other words, the structural expansion remains incomplete.
What makes 2025 particularly interesting is the shape of its annual candle. The upper and lower wicks are almost symmetrical. This kind of formation often signals two-sided volatility rather than directional conviction. It reflects expansion attempts in both directions, but without sustained follow-through.
At the beginning of 2026, price declined sharply from the yearly opening level at 2,971.64 and moved deep into the lower wick zone of the 2025 candle. Measuring that lower wick, price tested approximately the 75% level at 1,781.73.
Such deep retracements from yearly opening levels tend to reset positioning and liquidity. Statistically and structurally, this kind of move increases the probability of a rebound phase rather than immediate continuation lower — especially when the broader range remains intact.
If a rebound unfolds, several key structural levels come into focus:
- 2,281.87 — 2024 open
- 2,971.65 — 2026 open
- 3,337.78 — 2025 open
- 3,402.89 — 2026 high
- 3,676.22 — 2022 open and 25% of the 2025 upper wick
- 4,104.80 — 2024 high and 50% of the 2025 upper wick
- 4,552.03 — 75% of the 2025 upper wick
These levels are not random resistance points. They represent structural memory: yearly opens, prior highs, and measured imbalances within the 2025 expansion candle.
Weekly Chart — Compression and Rejection Zone
On the weekly timeframe, the entire 2025 range has been mapped using Fibonacci retracements.
As of week 3 of 2026, price has fallen below the 78% retracement level and moved beneath the visible gap zone. It briefly entered the April 2025 order block — the same zone that previously triggered a strong reversal and led to the formation of a new ATH.
This is not a minor technical detail.
Markets often revisit high-volume reversal zones before deciding whether to invalidate or defend them. So far, the structure suggests that a potential rejection formation may be developing on the weekly chart.
For this scenario to gain confirmation, the current weekly candle should close at or above the open of the previous weekly candle (2,089.73). A weekly reclaim of that level would strengthen the case for a structural rebound phase.
Structural Bias for 2026
From a structural perspective, Ethereum is not in confirmed expansion. It remains inside a wide, multi-year range.
The deep retracement from the 2026 opening level, combined with the revisit of a historically significant order block, creates conditions that statistically favor upward rotation rather than immediate breakdown.
This does not guarantee a new ATH.
It suggests the probability of a broad trading range with significant rotational moves between structural levels.
In practical terms, current conditions support:
- Gradual spot positioning during weakness
- Tactical long exposure on futures, with strict risk management
- Monitoring of yearly opening levels as structural magnets
Ethereum in 2026 may not be a straight-line trend year. Instead, it may become a volatility-driven range year — one that rewards patience, structure-based positioning, and disciplined execution.