Ethereum, the second largest cryptocurrency, has increased by 12.3% over the past seven days. Interestingly, Ethereum has maintained its position, supported by a clear upward trend that began after a strong recovery from the $1,550 level starting on Tuesday.
According to the current situation, the price of Ethereum is at a critical technical stage after testing the resistance level of $1,799 and returning to the support area on the last day. A new rise above $1,800 could open the door to $1,840 or higher, while deeper pullbacks will test three important areas.
Ethereum Turns Resistance Level Into Support Level
The recent price increase of Ethereum has seen it surpass three notable resistance levels that had rejected its price action for most of April. Interestingly, these resistance levels are at $1,590, $1,654, and $1,703, as indicated by the technical analysis of Ethereum's price action on the hourly candlestick chart on the TradingView platform.
After these breakthroughs, Ethereum continued to rise sharply until it reached a more difficult ceiling near the $1,800 mark. After briefly touching this area, the price experienced a small rejection, returning to the $1,730 level before finding support and starting another gradual increase.
According to the current situation, the resistance level at $1,800 is the next level to overcome in hopes of closing above $2,000 before the end of April. However, even if Ethereum does not reach this level, the bullish sentiment will still exist if it can hold above the broken resistance level, which has now turned into a support level on the H1 timeframe.
Ethereum Can Still Increase in Price Unless $1,654 is Broken
The outlook for Ethereum remains optimistic as long as the new levels are restored at $1,590, $1,654, and $1,703 continue to act as reliable support zones. The first zone, positioned at $1,703, represents short-term hourly support. This area may attract early participants, but there is a high risk and it is prone to being broken.
Below that is a structurally significant support level at $1,654, which is also clearly shown on the 4-hour chart. This level is the medium-risk area, characterized by a cleaner and healthier demand zone. It has a higher likelihood of starting a bounce if tested, and maintaining this level is crucial for sustaining the short-term bullish trend for Ethereum.
The strongest support level is $1,590 and there is a low risk of re-entry. This level has the most favorable risk/reward ratio, where smart money traders are likely to accumulate.
As long as Ethereum remains above $1,703, the current uptrend is still in effect. The bullish trend remains intact unless there is a confirmed break below $1,654. A drop below the support level of $1,654 will shift the short-term outlook to neutral or bearish. On the other hand, a successful close above $1,800 could lead to the next target around $1,840 or even higher.
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Ethereum Reaches Final H1 Support Level, Next Major Resistance Appears
Ethereum, the second largest cryptocurrency, has increased by 12.3% over the past seven days. Interestingly, Ethereum has maintained its position, supported by a clear upward trend that began after a strong recovery from the $1,550 level starting on Tuesday. According to the current situation, the price of Ethereum is at a critical technical stage after testing the resistance level of $1,799 and returning to the support area on the last day. A new rise above $1,800 could open the door to $1,840 or higher, while deeper pullbacks will test three important areas. Ethereum Turns Resistance Level Into Support Level The recent price increase of Ethereum has seen it surpass three notable resistance levels that had rejected its price action for most of April. Interestingly, these resistance levels are at $1,590, $1,654, and $1,703, as indicated by the technical analysis of Ethereum's price action on the hourly candlestick chart on the TradingView platform. After these breakthroughs, Ethereum continued to rise sharply until it reached a more difficult ceiling near the $1,800 mark. After briefly touching this area, the price experienced a small rejection, returning to the $1,730 level before finding support and starting another gradual increase. According to the current situation, the resistance level at $1,800 is the next level to overcome in hopes of closing above $2,000 before the end of April. However, even if Ethereum does not reach this level, the bullish sentiment will still exist if it can hold above the broken resistance level, which has now turned into a support level on the H1 timeframe.
Ethereum Can Still Increase in Price Unless $1,654 is Broken The outlook for Ethereum remains optimistic as long as the new levels are restored at $1,590, $1,654, and $1,703 continue to act as reliable support zones. The first zone, positioned at $1,703, represents short-term hourly support. This area may attract early participants, but there is a high risk and it is prone to being broken. Below that is a structurally significant support level at $1,654, which is also clearly shown on the 4-hour chart. This level is the medium-risk area, characterized by a cleaner and healthier demand zone. It has a higher likelihood of starting a bounce if tested, and maintaining this level is crucial for sustaining the short-term bullish trend for Ethereum. The strongest support level is $1,590 and there is a low risk of re-entry. This level has the most favorable risk/reward ratio, where smart money traders are likely to accumulate. As long as Ethereum remains above $1,703, the current uptrend is still in effect. The bullish trend remains intact unless there is a confirmed break below $1,654. A drop below the support level of $1,654 will shift the short-term outlook to neutral or bearish. On the other hand, a successful close above $1,800 could lead to the next target around $1,840 or even higher.