Ethereum Price Rebounds 25%: Can ETH Reach $1,800 Soon?

Ethereum’s price has rebounded 25% from April lows, currently hovering around $1,600. Analysts are focusing on the critical resistance level of $1,650, which, if surpassed, could lead to a rally towards $1,800. However, failure to break this resistance might result in a downward correction, testing support levels at $1,620 and $1,605. The short-term trend for ETH will depend on its performance against these key levels.

Ethereum has shown a 25% rebound, rising from the April low of $1,550 to a current position near $1,600, which indicates potential upward momentum. Analysts are particularly focused on the critical resistance level at $1,650; a successful breakout could instigate a short-term rally. The recent gains align with positive market sentiment, largely driven by Bitcoin’s performance, signalling a potential shift toward bullish trends.

Since its drop to $1,550 earlier this week, Ethereum (ETH) has exhibited substantial recovery and is actively trading above the $1,600 mark. With the latest upward movement clearing the $1,590 negative trend line, ETH seems poised for potential further highs. Notably, it is maintaining gains above the 23.6% Fibonacci retracement level, indicating a resilient upward narrative, while the 100-hour Simple Moving Average provides additional support.

The outlook for Ethereum hinges on its ability to surpass the critical $1,650 resistance. Should ETH achieve this, it will likely face subsequent resistance at $1,680 and $1,720. A successful breach could pave the way for prices to reach $1,800 or even $1,840. Nonetheless, failure to clear $1,650 could lead to retracement, with immediate support at $1,620 and a significant 50% Fibonacci retracement level at $1,605.

Current technical indicators show potential bullish momentum, with the hourly MACD indicating strength and the RSI remaining above 50, indicating readiness for a further advance. However, traders are vigilant, monitoring overall market conditions as influences from Bitcoin and broader sentiment will play a critical role in Ethereum’s next steps.

Looking forward, ETH’s future trajectory relies heavily on its performance against the formidable $1,650 resistance. A decisive breakout could aim for the $1,800 range, especially if investor confidence surges. Conversely, losing the $1,600 support could rekindle bearish sentiment and selling pressure, signalling possible declines back to $1,580 or lower.

Ultimately, Ethereum is at a crucial juncture where its short-term trend is poised to be defined in the next few days. Traders should prepare for potential volatility and keep close tabs on market dynamics, particularly regarding the support and resistance levels that will dictate ETH’s price movements.