Ethereum’s price is making a recovery after bouncing from $1,550. Currently at $1,801.37, it’s crucial for ETH to hold above $2,200 for a bullish trend. Analysts note support in the $1,550 zone and highlight key resistance levels. Observations point towards potential whale accumulation and consolidation in the market, while short-term risks remain as indicators show mixed signals.
Ethereum (ETH) has been making a tentative recovery, bouncing back from recent lows near $1,550. As of now, its price hovers around $1,801.37, with analysts focused on whether it can break through and stay above the $2,200 mark. A sustained rally above this threshold could confirm a shift towards a stronger bullish trend.
The current trading scene shows ETH finding solid support within the $1,550–$1,670 range. According to market indicators, this zone has repeatedly served as a strong buying ground, suggesting firm interest among investors. Analysts are noticing a potential triple bottom formation, which often implies a forthcoming trend reversal. A critical resistance zone has been breached, particularly between $1,700 and $1,800. Analysts believe that closing above $1,800 could signal a significant change in market dynamics.
Crypto analyst Ali has pointed out on X that for Ethereum to signal a buy, a daily close above $1,950 is essential. Despite the positive signs, there still lingers caution. Maintaining solid momentum above $1,800 is necessary for clearer bullish indicators. If ETH slips below $1,750, selling pressure might increase, which could threaten its rising momentum.
Evaluating the technical indicators, the signals appear mixed but lean towards positivity. Notably, Ethereum’s short-term exponential moving averages (specifically the 9 and 21 periods) have executed a bullish crossover—a setup that typically suggests upward price movement, especially with considerable volume. Whale activity has also captured attention, with large transaction spikes noted in early February and April, peaking at 16,000 large transactions daily.
After these spikes, there was a period of stability with daily transaction volumes falling between 4,000 and 8,000. Many analysts speculate this indicates consolidation among larger holders who might be preparing for future price moves. In early April, another surge in large transactions coincided with a brief rally, hinting at potential accumulation by whales at lower price points.
Key price levels to monitor are around $1,950, with the next major target at $2,200. Crypto trader @MarzellCrypto mentioned that closing a daily candle above $2,200 is crucial to confirm whether the bullish trend will continue. Conversely, failing to maintain a close above $1,800 could stall the momentum, pushing ETH back towards lower supports of $1,700, $1,650, or down to $1,620. If it manages to break above $2,200, higher resistance levels, particularly $2,300 and $2,700, could be on the horizon.
Currently, volume levels seem stable without signs of aggressive sell-offs, supporting the idea that ETH is in a consolidative phase rather than experiencing heavy distribution. A clear breakout above $2,200 could attract new buyers, likely resulting in increased volatility and a potential price rally.
Short-term risks, however, still loom as indicators present mixed signals. Despite declines, the hourly MACD suggests that bearish pressure is subsiding. Meanwhile, the RSI sits below the pivotal 50 line, indicating room for improvement. Currently, ETH trades just below its 100-hour simple moving average—an important level for assessing near-term trends.
Yet, some analysts warn that uncertainty surrounding price movements around the $1,750 resistance, paired with climbing sell volume, might trigger immediate weaknesses. Crypto expert Nebraskangooner observed the significance of the current trend, stating that deviations above resistance accompanied by increased volume may lead to a decline.
If Ethereum can maintain the $1,750 support, the outlook may remain positive; otherwise, further dips to $1,700 or $1,650 could happen. Thus, the next few days will be critical for Ethereum; a daily close above $2,200 could indicate upwards movement and set the stage for reaching $2,300 and beyond.
