Menu

Categories:

Hot right now:

Follow on:

Coinsurges provides coverage of fintech, blockchain, and Bitcoin, delivering the most recent news and analyses on the future of money. Stay up-to-date with live prices, charts, and trading options for the top exchanges. Keep track of the day's top cryptocurrency gainers and losers, as well as which coins have experienced gains and losses in the past 24 hours.
Trust Coinsurges as your go-to source for all news and updates in the industry.

Menu

Categories:

Hot right now:

Follow on:

Coinsurges provides coverage of fintech, blockchain, and Bitcoin, delivering the most recent news and analyses on the future of money. Stay up-to-date with live prices, charts, and trading options for the top exchanges. Keep track of the day's top cryptocurrency gainers and losers, as well as which coins have experienced gains and losses in the past 24 hours.
Trust Coinsurges as your go-to source for all news and updates in the industry.

Is The Storm Over For Ethereum? Analyst Says ‘Face-Melting’ Rally Comes Next

Share This Post

Ethereum (ETH) continues to hold a crucial support level after recovering from last week’s correction. Its recent bounce from historical demand zones has led some analysts to suggest that the altcoin is gearing up for a breakout.

Ethereum Holds Key Support

Ethereum has reclaimed the key $1,600 level after dropping below the $1,400 support for the first time since 2023. The second-largest cryptocurrency by market capitalization recently fell to a two-year low during last week’s correction, fueled by US President Donald Trump’s trade tariff war.

ETH touched $1,385 last Wednesday, retesting the 2018 all-time high (ATH) levels before recovering. Amid Trump’s 90-day tariff pause announcement, Ethereum jumped over 10% from $1,480 to $1,600, briefly nearing the $1,700 resistance. However, its price retraced to the $1,400-$1,500 support zone on Thursday amid the market’s volatility.

Over the weekend, the King of Altcoins recovered, hovering between the $1,580-$1,680 price range for the past four days. Ethereum has reclaimed the $1,600 support in the past 24 hours, fueling a bullish sentiment among some market watchers.

Analyst Ted Pillows noted that ETH might be getting closer to a breakout from its short-term downtrend line. According to him, investors could expect the cryptocurrency to hold the $1,550-$1,600 level now that global markets are gaining some strength.

Ethereum

He considers holding this range could propel Ethereum’s price toward the one-month downtrend line. A breakout and confirmation of this resistance, at around $1,670, could set the base for a 20% jump toward the $2,000 resistance level.

Is ETH Out Of The Woods?

Merlijn The Trader suggested that ETH is gearing up for a breakout. The market watcher pointed out the cryptocurrency’s two-month descending channel, which could be “history” if volume surges.

The analyst considers that as Ethereum nears the channel’s upper boundary, “all we need now is volume” for a surge above the $1,690 mark, adding that a breakout from this level would target $2,700.

He also underscored that ETH’s double top formation was completed after “smashing” the $1,432 target, signaling that it “survived the storm.” Notably, the cryptocurrency confirmed this pattern, which developed within its $2,196-$3,904 Macro Range, following its March close below the $2,100 support.

After recovering from the recent lows, “Now comes the face-melting rally no one expects. $4,000 is only the beginning.”

Meanwhile, Rekt Capital highlighted that Ethereum’s Dominance has almost equaled old All-Time Lows. He explained that since June 2023, ETH’s Dominance has dropped from 20% to 8%, historically a reverse area for the cryptocurrency.

“Generally, Ethereum Dominance needs to hold this green area for a chance at reversal Increasing ETH Dominance would be highly beneficial for Altcoin valuations over time,” he noted Monday.

When the ETH Dominance hit the $7.5%-8.25% range, it reversed “to become more market-dominant,” which could signal a reversal for the King of Altcoins.

As of this writing, ETH trades at $1,609, a 1% decrease in the daily timeframe.

Ethereum, Eth, ethusdt

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

Bitcoin Rebounds After Sharp Drop As Whales Fuel Push Toward $100K

Bitcoin fell hard before recovering as prices plummeted below $95,000, retreating below $94,600 and even as low as $93,395 But buyers emerged at around $94,000, halting the decline and allowing BTC

Citi Unveils Tokenization Initiative With SDX at Zurich Forum

Citi is catapulting into the future of finance with a game-changing tokenized platform set to revolutionize private market investing globally Citi and SDX to Launch Global Platform for Tokenized

Did the SEC Fear XRP’s Collapse? Leaked Emails Expose 2021 Doubts About Ripple

The post Did the SEC Fear XRP’s Collapse Leaked Emails Expose 2021 Doubts About Ripple appeared first on Coinpedia Fintech News Ripple’s long legal battle with the US Securities and Exchange

Ethereum Price Ready to Surge—$2,000 Level Could Be Within Reach

Ethereum price started a fresh increase above the $1,800 zone ETH is now rising and attempting a move above the $1,850 resistance Ethereum started a fresh recovery wave above the $1,820 resistance

Binance’s BNB Could Hit $2,775 By 2028, Predicts Standard Chartered

Standard Chartered has initiated formal coverage of Binance’s exchange token, BNB, and set out one of the industry’s most detailed long-term trajectories for the asset In a research note shared

Bitcoin Price Eyes $100K as Bulls Regain Momentum, Buy Dips?

Bitcoin price started a fresh increase above the $96,500 zone BTC is rising and might aim for a move toward the $100,000 resistance Bitcoin started a decent increase above the $96,500 resistance zone