Ethereum experienced a powerful bounce, surging over 21% from its recent low of $1,380.Despite the relief rally, Ethereum still trades below critical technical levels, raising caution among analysts.On-chain data suggests that Ethereum's current price is below its realized price, signaling a potential buying opportunity for contrarian investors.For Ethereum to regain control and initiate a stronger recovery, it needs to push above the $1,850 resistance level.