Ethereum Price Eyes Recovery: Key Support Level Could Spark Reversal

Ethereum price is under focus in crypto space and particularly in relation to Bitcoin as it gets closer to a historically strong support level

Ethereum price is slowly recovering after a turbulent period that saw it get battered by Bitcoin and other cryptocurrencies.

As the world's second-largest cryptocurrency edges closer to a historically strong support level on ETH/BTC pair, the cryptocurrency is in the spotlight.

After a descending triangle trend from mid-2021 through early 2025, the pair has now reached a level that previously showed a buying range in late 2020.

Technical development in ETH/BTC is putting the cryptocurrency at a crucial technical level, according to X user ‘AndrewCryptoHQ’.

This level previously acted as a launchpad for gains during Q4 2020, adding another layer to the technical analysis of ETH/BTC.

Since reaching its peak in mid-2021, the pair has remained in a downtrend, consistently making lower highs and lower lows.

However, by late March 2025, ETH/BTC is approaching a multi-year support zone, closely observed by market participants to see if it can hold and trigger an altcoin rebound.

If supported, it could mark a key turning point in Ethereum price performance compared to Bitcoin.

ETH/BTC Chart Credit: AndrewCryptoHQ

The broadest cryptocurrency slid on Friday, putting pressure on Ethereum price action.

ETH has shown sensitivity to Bitcoin’s market direction in previous cycles. Without a confirmed breakout or higher low formation, traders are still cautious about calling a full reversal.

Ethereum futures open interest dropped below 4%, compared to 5% two weeks prior. The lower premium suggests traders are not aggressively pursuing leveraged long positions. Binance, Gate.io, and Bitget accounted for over half of the futures market, while CME captured 9%.

Increased leverage does not automatically indicate upward price movement. Open interest merely reflects matched positions between buyers and sellers. The lack of a strong premium signals a neutral stance from investors on the altcoin price trajectory.

However, Ethereum network fees fell by 50% over the past seven days, according to blockchain analytics firm IntoTheBlock.

The reduction indicates a decline in user activity and overall demand on the Ethereum mainnet. Total revenue for Ethereum’s base layer dropped to $605,000 as of March 17, compared to $2.5 million just two weeks earlier.

Lower fees are partly due to the growing use of Layer 2 solutions, which move transactions off the mainnet to improve scalability. But the shift has also reduced transaction volume on the core network, as users and protocols are exploring alternative chains such as Solana and Avalanche.

This slowdown in network usage could pose challenges for Ethereum price support. The downturn in activity may contribute to hesitancy around the altcoin’s near-term outlook.