Ethereum (ETH) has rebounded after a pullback last week, continuing to hold key support levels. Recently, it broke through historical demand ranges, leading some analysts to believe that this altcoin is poised for a breakout.
Ethereum gains key support
Ethereum has reclaimed the key $1,600 level for the first time since falling below the $1,400 support level in 2023. Influenced by U.S. President Donald Trump's trade tariff war, the second-largest cryptocurrency by market cap fell to its lowest point in two years during last week's correction.
Last Wednesday, Ethereum (ETH) touched $1,385, retesting the historical high (ATH) of 2018, before rebounding. Influenced by Trump's announcement to pause tariffs for 90 days, Ethereum's price rose from $1,480 to $1,600, an increase of over 10%, coming close to the $1,700 resistance level. However, against the backdrop of market volatility, Ethereum's price fell back to the $1,400-$1,500 support level on Thursday.
Over the weekend, the altcoin king saw a rebound, with prices fluctuating between $1,580 and $1,680 over the past four days. Ethereum has reclaimed the $1,600 support level in the past 24 hours, igniting bullish sentiment among some market observers.
Analyst Ted Pillows points out that ETH may soon break through its short-term downtrend line. He believes that given the strengthening global market, investors can expect this cryptocurrency to maintain levels between $1,550 and $1,600.
He believes maintaining this range could push Ethereum's price down toward a one-month downtrend line. Breaking and confirming this resistance level (around $1,670) could lay the foundation for Ethereum to rise 20% and target the $2,000 resistance level.
Has ETH emerged from its predicament?
Merlijn The Trader believes ETH is poised for a breakout. This market observer points out that ETH has experienced a two-month downtrend, and if trading volume surges, this channel may become 'history.'
The analyst believes that as Ethereum approaches the upper channel limit, 'what we need now is volume' to break through the $1,690 mark, adding that breaking this level will aim for $2,700.
He also emphasized that the double-top pattern of ETH formed after breaking through the target level of $1,432, indicating it has 'withstood the test of the storm.' Notably, this cryptocurrency confirmed this pattern, which formed within the macro range of $2,196 to $3,904, after its March closing price fell below the $2,100 support level.
After recovering from recent lows, 'an unexpected amazing rebound has now occurred. $4,000 is just the beginning.'
Meanwhile, Rekt Capital emphasizes that Ethereum's dominance has nearly hit an all-time low. He explains that since June 2023, ETH's dominance has fallen from 20% to 8%, historically marking a reversal area for this cryptocurrency.
He pointed out on Monday: 'Overall, Ethereum's dominance needs to hold this green area to have a chance to reverse. Over time, improving ETH's dominance will be very beneficial for the valuation of altcoins.'
When ETH's dominance reaches the range of 7.5%-8.25%, it will reverse to 'become more dominant in the market,' which may herald the reversal of the altcoin king.
As of the time of writing, ETH is trading at $1,609, down 1% within the daily timeframe.
Ethereum (ETH) has rebounded after a pullback last week, continuing to hold key support levels. Recently, it broke through historical demand ranges, leading some analysts to believe that this altcoin is poised for a breakout.
Ethereum gains key support
Ethereum has reclaimed the key $1,600 level for the first time since falling below the $1,400 support level in 2023. Influenced by U.S. President Donald Trump's trade tariff war, the second-largest cryptocurrency by market cap fell to its lowest point in two years during last week's correction.
Last Wednesday, Ethereum (ETH) touched $1,385, retesting the historical high (ATH) of 2018, before rebounding. Influenced by Trump's announcement to pause tariffs for 90 days, Ethereum's price rose from $1,480 to $1,600, an increase of over 10%, coming close to the $1,700 resistance level. However, against the backdrop of market volatility, Ethereum's price fell back to the $1,400-$1,500 support level on Thursday.
Over the weekend, the altcoin king saw a rebound, with prices fluctuating between $1,580 and $1,680 over the past four days. Ethereum has reclaimed the $1,600 support level in the past 24 hours, igniting bullish sentiment among some market observers.
Analyst Ted Pillows points out that ETH may soon break through its short-term downtrend line. He believes that given the strengthening global market, investors can expect this cryptocurrency to maintain levels between $1,550 and $1,600.
He believes maintaining this range could push Ethereum's price down toward a one-month downtrend line. Breaking and confirming this resistance level (around $1,670) could lay the foundation for Ethereum to rise 20% and target the $2,000 resistance level.
Has ETH emerged from its predicament?
Merlijn The Trader believes ETH is poised for a breakout. This market observer points out that ETH has experienced a two-month downtrend, and if trading volume surges, this channel may become 'history.'
The analyst believes that as Ethereum approaches the upper channel limit, 'what we need now is volume' to break through the $1,690 mark, adding that breaking this level will aim for $2,700.
He also emphasized that the double-top pattern of ETH formed after breaking through the target level of $1,432, indicating it has 'withstood the test of the storm.' Notably, this cryptocurrency confirmed this pattern, which formed within the macro range of $2,196 to $3,904, after its March closing price fell below the $2,100 support level.
After recovering from recent lows, 'an unexpected amazing rebound has now occurred. $4,000 is just the beginning.'
Meanwhile, Rekt Capital emphasizes that Ethereum's dominance has nearly hit an all-time low. He explains that since June 2023, ETH's dominance has fallen from 20% to 8%, historically marking a reversal area for this cryptocurrency.
He pointed out on Monday: 'Overall, Ethereum's dominance needs to hold this green area to have a chance to reverse. Over time, improving ETH's dominance will be very beneficial for the valuation of altcoins.'
When ETH's dominance reaches the range of 7.5%-8.25%, it will reverse to 'become more dominant in the market,' which may herald the reversal of the altcoin king.
As of the time of writing, ETH is trading at $1,609, down 1% within the daily timeframe.
