Ethereum Price Analysis: Key Support and Resistance Levels

Ethereum has risen 12.3% in the last week, breaking several resistance levels. It’s currently navigating an important junction with $1,800 as a key price. Holding above recent support levels at $1,590, $1,654, and $1,703 is essential to maintaining a bullish outlook, although a drop below $1,654 could signal a change in trend.

Ethereum, the leading cryptocurrency after Bitcoin, has experienced a notable increase of 12.3% over the last week. This uptrend, emerging from a sharp recovery off $1,550, gained momentum when prices surged after Tuesday’s rally. Currently, Ethereum is navigating a crucial technical juncture, having retested the important $1,799 resistance level before pulling back into its final intraday support zone. Should it break the $1,800 mark, this could unlock potential further gains towards $1,840 and beyond, while deeper corrections may test three significant support levels.

In recent sessions, Ethereum has successfully converted several resistance points into support after an impressive rally. The cryptocurrency managed to clear significant resistance thresholds set at $1,590, $1,654, and $1,703. Technical analysis on the hourly candlestick timeframe, as seen on TradingView, indicates that these levels previously constrained price movements throughout April. Following its breakout, Ethereum surged until hitting resistance around $1,800, leading to a minor pullback to the $1,730 area before regaining bullish momentum.

With the next goal being a close above $2,000 before April concludes, the $1,800 resistance remains pivotal. An interesting point to note is that even if Ethereum doesn’t surpass this level, it retains a bullish outlook as long as it stays above the broken resistances which now act as a foundation.

Maintaining a bullish stance, Ethereum’s future looks bright as long as it holds securely above the reclaimed levels of $1,590, $1,654, and $1,703. The first of these, at $1,703, is seen as short-term support, potentially drawing in traders searching for opportunities, although there’s a considerable risk attached if it fails. Yet, the level at $1,654 holds more robust structural significance and demonstrated resilience on the 4-hour chart, hinting at a higher likelihood of a bounce should it be tested.

Notably, the strongest support at $1,590 offers a more secure entry point, showcasing a favourable risk-to-reward scenario for traders. As long as Ethereum remains above $1,703, the upward trend remains promising. The bullish sentiment could shift to neutral or bearish if $1,654 is breached. However, if prices manage to close beyond $1,800, the path could be clear for targets closer to $1,840 or potentially higher in the coming days.