Ethereum is trying to break through from DownDowntrend, can it hold $1,600?
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In the latest market recovery, Ethereum (ETH) attempts to stand out from its multiple-month downtrend, leading some market observers to suggest that new rally will begin soon. However, with the difficulty of price placing $1,600 support as support, cryptocurrencies may lose their recent momentum.
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Ethereum breaks through the key resistance of the eyes
The weekend ended after the cryptocurrency market jumped 4.2% on Easter Sunday. Bitcoin (BTC) closed the $85,000 barrier for the first time this month, while Ethereum soared 5.4%, trying to recoup the $1,600 resistor for the third time in the past seven days.
ETH closed the week’s $1,640 mark before climbing to $1,658 in the early hours of Monday. In this performance, cryptocurrencies are trying to get rid of a multi-month downward trend for the first time.
Crypto analyst Ted Pillows stressed that Ethereum stood out on Monday morning. According to the Post, cryptocurrencies have been on a downward trend in the one-day chart since early February, retesting the trendline three times in the past few months, but are always rejected.
Its latest rejection of downward resistance puts cryptocurrency below $1,700, driving bearish sentiment towards ETH brewing. April answers further brought Ethereum to a lower level, driven by an ongoing tariff war between the United States and China, with its two-year low below $1,400 and retesting its 2018 high.
Analysts noted that if the cryptocurrency has $1,600 support, ETH will rise to $2,000 in the previous lap in April, which was not possible for most of the month.
Is the bottom of ETH closed?
Analyst Carlunefelt also emphasized the downtrend breakthrough of ETH, affirming that “it may absolutely be parabolic from here.” According to Runefelt, the resistance-breaking eyes lost $3,000 during the February recycling period.
However, Ethereum lost its short-term momentum and recovered 24-hour gains over the past few hours. Its price dropped to the $1,500 support level of $1,600, with trading volumes of around $1,570-1,580.
This answer may imply that the recovery of ETH fails to gain power, risking dropping to the current level low. However, bounced from this area to keep the $1,650 mark confirms a breakout and pushes the price of the cryptocurrency towards a resistance of 1,700-$1,800.
Analyst Ali Martinez believes that ETH’s new rally will not start again until the $2,330 supply wall breaks, where 12.6 million addresses of 6.8-6.3 billion ETH were purchased.
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Meanwhile, another market observer suggested that Ethereum’s trading pairs against Bitcoin were “the only chart to be viewed at the moment.” Crypto Fella confirmed that the bottom of the ETH/BTC chart is close as it has reached its lowest level since 2020.
According to the chart, the last ETH/BTC dropped below the 0.022 mark, which hovered between the 0.016-0.022 area for a few months before bounced towards its late 2021.
As of this writing, Ethereum is trading at $1,571, down 1% on the daily timeframe.
Featured images from Unsplash.com, charts from TradingView.com
