Ethereum just flashed a pretty bullish signal on the monthly chart. The MACD histogram turned positive for the first time since the late 2025 decline, which typically shows momentum is starting to shift before price makes its move. Right now we're sitting around $2.31K with a 13.88% monthly gain, and the key thing is that ETH held the multiyear ascending support trendline at $2,017.09 without closing below it. That's the structural floor connecting all the major lows since 2019.

The monthly candle printed a long lower wick at that trendline level, which historically signals demand absorption at a critical zone. If this holds and crypto starts to recover from here, the immediate resistance to watch is the 50-day SMA around $2,440. Breaking above that would be the first real sign that the bearish structure is unwinding. The 20-day SMA sits further up near $2,857, which would represent a full return to where both averages converged before the 2025 breakdown.

The risk is clear though: if we close below $2,017 on the monthly, the trendline breaks and we're looking at $1,500 as the next demand zone. But given the MACD turning positive at this exact support level, it's worth paying attention to whether this bounce can build momentum. The setup suggests we might be seeing early signs of recovery, but it's still early. Either way, this trendline test is structurally one of the most important moments in Ethereum's price history.