Ethereum's Long Road to Recovery: Reclaiming $4,951.66

Ethereum's recovery from its 61.6% drawdown continues, but it remains a long road to reclaiming its all-time high.

The price of Ether has held at around $1,900 since Monday, up 2.00% on the day as Bitcoin regained ground above $64,000. However, the altcoin complex has diverged, with XRP falling 0.43% and BNB slipping 0.19%, while Solana added 0.52%.

The macro backdrop remains challenging, with rising interest rates and a strong US dollar weighing on risk assets. Brent crude reached $91.76 per barrel, the 30-year Treasury yield hit 5.323%, and S&P 500 futures fell 0.51%. Ether's relative resilience is notable at this price level.

The recovery ladder for Ethereum is long, with key levels at $2,000, $2,400 to $2,500, and the record high of $4,951.66. Getting from $1,900.73 to $2,000 requires a 5.2% gain, while reclaiming the all-time high requires a 160% increase.

The ETH/BTC ratio has recovered from its ten-month low near 0.027 and now sits at 0.02994, marking a 10.7% relative gain for Ether against Bitcoin. However, whether this constitutes a trend break or a bounce inside a downtrend remains to be seen.