Ethereum, the second-largest cryptocurrency, has increased by 12.3% over the past seven days. Interestingly, Ethereum has held its ground firmly, supported by a clean uptrend that began after the sharp recovery from $1,550 that kicked off on Tuesday.
As it stands, the Ethereum price is at an important technical phase after retesting the $1,799 resistance level and pulling back into its final intraday support zone. A fresh push above $1,800 could open the door to $1,840 and beyond, whereas deeper retracements would test three important zones.
Ethereum Could Still Be Bullish Unless $1,654 Breaks
Ethereum’s outlook remains bullish as long as the newly reclaimed levels at $1,590, $1,654, and $1,703 continue to act as reliable support zones. The first zone, positioned at $1,703, represents a short-term hourly support level. This area may attract early entries, but it is high-risk and prone to breaking easily.
Beneath that lies the more structurally significant support at $1,654, which is also evident on the 4-hour chart. This level is a medium-risk zone, characterized by a cleaner and sound area of demand. It has a higher probability of initiating a bounce if tested, and its preservation is important in maintaining a short-term bullish bias for Ethereum.
The strongest support level is at $1,590 and is somewhat low-risk for reentry. It has the most favorable risk-to-reward ratio, where smart money traders are likely to accumulate.
As long as Ethereum stays above $1,703, the current uptrend remains valid. The bullish bias remains intact unless there’s a confirmed break below $1,654. A drop below the $1,654 support would shift the short-term outlook to neutral or bearish. On the other hand, a successful close above $1,800 could cascade toward the next target around $1,840 or even higher.
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