Ethereum is currently testing critical support levels between $1,550 and $1,600. Recent purchases of over 1.2 million ETH in this range indicate market interest. Analysts are divided, with some predicting a bullish breakout towards the $2,000 mark, while others note selling pressure from long-term holders. Potential recovery hinges on holding these key support levels amidst mixed market sentiment.
Ethereum is currently experiencing a downturn, testing a critical support range between $1,550 and $1,600. This level is vital for potential recovery, especially given that over 1.2 million ETH were purchased in the $1,450-$1,550 range. Notably, whale purchases of 77,000 ETH valued at $125 million illustrate the mixed sentiment in the market, which could impact price movements.
Following a rejection at the $1,688 resistance level, the 50-day Simple Moving Average (SMA) combined with a descending trendline from March 23 poses further resistance, restricting any upward momentum. Should Ethereum maintain these support levels, a significant recovery could be on the horizon. Conversely, the support between $1,450 and $1,550 is crucial; the last time ETH reached this point, bullish sentiment prevailed with substantial purchases recorded.
Market analyst Solomon Geta highlighted Ethereum’s potential to stabilise within the $1,550 to $1,600 range. He suggests that as global markets improve, there could be further price increases, with traders and investors monitoring this range closely for possible breakout opportunities. Breaking through the $1,670 barrier may spark a rally towards the $2,000 target, signalling a bullish trend.
