Ethereum’s Price Dynamics: Resistance at $1,590 Amid Bearish Trends

Ethereum (ETH) peaked at $1,690 before falling below $1,600, currently trading at $1,577. Analysts question whether the market will recover past $1,590 or see further declines. While bullish patterns were observed, resistance levels pose challenges, and a potential bearish trend may emerge if buying does not strengthen.

Ethereum (ETH) experienced a spike to $1,690 but soon encountered selling pressure, resulting in a decline below the crucial $1,600 support level. As of now, ETH is trading at $1,577, a decrease of 1.76%. Analysts debate whether the market will see a recovery push above $1,590 or experience another drop.

The asset had formed a solid base over $1,550 before an upward trend, propelling ETH past significant resistance levels at $1,600 and $1,620. This bullish trajectory peaked at around $1,690 but was met by a wave of selling, indicating a waning buy strength. A newly formed bullish trend line with support at $1,625 was also violated, hinting at potential short-term bearish trends.

Market analyst Ali Marteniz observed a breakout from an ascending triangle pattern, suggesting robust buyer demand. The formation of higher lows is indicative of increasing upward pressure. However, Ethereum currently faces resistance around the $1,590 mark, which poses both a technical and psychological barrier. Should buying momentum push through this resistance, targets could shift to $1,640 and $1,650.

Currently trading at $1,577 on April 16, 2025, ETH has seen a 3.32% decrease over the last twelve hours following a peak at $1,690. Analysts remain vigilant for signs of a definitive breakthrough above $1,690 or the potential for a sustained drop towards lower support levels.

The market has witnessed ETH re-entering a multi-year bearish range, now hovering near its midpoint, which presents critical no-buy signals. A recent tweet highlighted by @brarno882 raises concerns that if buyers do not step in soon, there may be a risk of ETH dropping below the $1,000 mark. Investors are focusing on the lowest bounds of this range, weighing the possibility of either a rebound or a further decline.