Ethereum Price Analysis: Can It Break $1,620 and Rally to New Highs?

Ethereum (ETH) is currently trading around $1,600 after failing to breach $1,650. Analysts predict recovery if resistance at $1,620 is surpassed, potentially leading to highs of $2,700. Some experts believe ETH may have found its bottom, projecting prices could reach between $4,000 and $8,000 by year-end. Current bearish signals exist, but long-term outlooks remain optimistic.

As Ethereum’s (ETH) price hovers around $1,600, it underscores a struggle beneath the 100-hourly Simple Moving Average, indicating short-term weakness. The digital asset has tried and failed to breach the $1,650 resistance, leading to recent consolidation. Technical charts reveal a break below a contracting triangle with crucial support at $1,595, prompting worries as ETH dropped to a low of $1,564.

Currently, Ethereum is consolidating near the 23.6% Fibonacci retracement level from its recent downward trend. Resistance persists at the $1,600 level, with significant barriers at $1,610 and a half retracement of the latest decline. A successful climb past $1,620 could propel ETH towards $1,650 and further into potential gains.

However, a failure to breach $1,620 may lead to increased selling pressure, with initial support identified at $1,565 and major support at $1,550. If ETH descends below $1,550, critical levels to monitor include $1,500, $1,450, and $1,420, which will significantly influence the trend’s short-term direction.

Despite these immediate challenges, several analysts exhibit a bullish stance regarding Ethereum’s future. Analyst Incognito suggests that ETH might soar to approximately $2,700 as the Wyckoff accumulation pattern approaches its conclusion. Should support hold, ETH could break free from a falling wedge pattern with a primary target of $2,499 and a secondary target of $2,700.

Analyst sentiments also reflect a belief that Ethereum may have reached or be nearing its bottom through various indicators. Titan of Crypto posits that ETH could ascend to $4,200 within an ascending macro channel. Additionally, analyst Hardy notes a bullish weekly candle close, indicating a potential reversal, while Crypto Patel projects a target between $6,000 and $8,000 by year-end, creating intriguing volatility for traders.

At present, Ethereum is trading at approximately $1,639, marking nearly a 2% gain over the last 24 hours. Technical analysis shows mixed signals; although the hourly MACD trends bearish, the RSI remains below 50, signifying short-term bearish sentiments.