Ethereum prices have fallen by 62% from $4,100 to $1,607 in the past four months. The altcoin has risen by 9.8% in 24 hours. This increase came after President Trump froze mutual tariffs for 90 days.
ETH remains in a downtrend after this increase. Will it break through resistance at $1,809 or drop below $1,100?
After being heavily sold in late March and early April, ETH seeks to find support around $1,550. On April 9, a large green candle indicating buying demand at current levels shows little volume, suggesting a dramatic reversal.
All significant moving averages (EMAs) are negative above the current price, with the 50-day moving average resistance above $2,000. With no bullish crossover, the distance between the current price and moving averages indicates a significant pullback.
Ethereum Price Chart
The Relative Strength Index (RSI) is 37.17, nearing oversold conditions but not extreme. This indicates a technical bounce. The RSI has been declining since December without positive divergences.
ETH is heading towards a decline. The price has approached the lower trendline of the channel, indicating a test of support. This usually continues until a breakout occurs.
Some key resistance levels are $1,785, $2,000 (psychological), and $2,385. On the downside, $1,539 is immediate support and $1,500 is psychological. The previous rebound came from the channel's low, showing that buyers are actively defending this level.
If ETH drops below the channel's low, its immediate target is $1,400, a decrease of 13.5% from current levels.
A decisive breakout above the upper channel could push ETH to the 50-day moving average at $2,000, requiring a 23.7% increase.
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